Key facts
- Frasers Group has launched a £166m bid to acquire Australian footwear business Accent.
- The offer is for 65 Australian cents per share, valuing the company at A$316m.
- Frasers Group, already Accent's largest shareholder with a 22.9% stake, is making the bid.
- Accent shares rose as much as 15% on the news.
- Frasers cited concerns about Accent's management, growth investment, and executive pay.
Frasers Group, the fashion conglomerate majority-owned by billionaire Mike Ashley, has launched a £166m takeover bid for Australian shoe company Accent. The offer proposes buying all shares Frasers does not already own for 65 Australian cents per share, valuing the company at A$316m.
Frasers, which already holds a 22.9% stake in Accent and is its largest shareholder, is seeking to expand its fashion empire. This bid follows a near €2bn takeover offer for German luxury brand Hugo Boss last week.
News of the bid sent Accent's shares soaring by as much as 15% to 75 Australian cents on Monday. Accent confirmed it is reviewing the unsolicited bid and advised shareholders to take no immediate action. The company operates over 800 stores across Australia and New Zealand and sells brands including Skechers and Lacoste.
Frasers cited "significant concerns" about Accent's management, including decisions to prioritise shareholder distributions during a period of declining earnings, increased borrowing, and ongoing growth investment obligations. The group also noted high executive pay, with CEO Daniel Agostinelli receiving A$1.625m last year, and pointed to an 82% vote against the company's remuneration report at its last annual meeting.