Frasers Group PLC (LSE:FRAS), the retail conglomerate behind Sports Direct has launched an all-cash takeover offer for Accent Group that values Australia's largest footwear retailer at £166 million.
The deal follows hard on the heels of the retail giant's £1.7 billion offer for Hugo Boss, the German fashion giant.
Frasers currently holds 22.90% of Accent's issued share capital and is seeking to acquire the remaining shares via an on-market offer on the Australian Securities Exchange at 65 cents a share.
The offer will officially open on 30 June, with shareholders able to sell on-market at the offer price from today via Frasers' appointed broker, Barrenjoey Markets.
The offer period runs until 30 July 2026 unless withdrawn or extended.
Accent operates more than 800 stores across Australia and New Zealand under retail banners including Platypus Shoes, Hype DC, The Athlete's Foot and Glue Store, and holds exclusive distribution rights in the region for global brands including Skechers, HOKA, Vans, UGG, Dr Martens and Timberland.
Frasers has lodged a bidder's statement with the Australian Securities and Investments Commission, the country's markets regulator.
