Frasers Group PLC (LSE:FRAS) has pushed its stake in Hugo Boss above 30%, clearing the threshold that triggers a mandatory takeover offer under German rules.
The retail group controlled by Mike Ashley has bought a further 2.55 million shares, equal to about 3.69% of the German fashion house, after counterparties exercised put options on 17 July.
That lifts Frasers' holding to roughly 30.28%, or almost 20.9 million shares, excluding stock already tendered into its offer.
Frasers, which owns Sports Direct, House of Fraser and Flannels, first launched the €38-a-share cash bid on 10 June.
The offer values the shares Frasers does not already own at close to €2 billion.
Hugo Boss has urged shareholders to reject the approach, arguing that the price reflects only the statutory minimum rather than the true worth of the business.
The €38 figure represents the highest price Frasers paid for shares in the six months before the bid, and a premium of about 4% to the pre-offer price.
Hugo Boss chief executive Daniel Grieder has pointed to the group's Claim 5 Touchdown turnaround plan, which targets growth through 2028.
The company's shares have roughly halved from their July 2023 peak amid weak demand in Britain and China.
The offer remains open until 27 July.
