Accent Rejects Frasers Group's £166 Million Takeover Bid

Melbourne-based clothing and footwear group Accent has rejected a £166 million takeover bid from Mike Ashley's Frasers Group. Accent informed its shareholders that the offer was 'highly opportunistic' and should be dismissed.

Frasers, which already holds a 22.9 percent stake in Accent, submitted its bid earlier this month. However, Accent stated that the proposal was 'opportunistically timed during a period of cyclical weakness in the discretionary consumer retail sector.' The company further asserted that the offer price was 'materially inadequate' and did not reflect its future growth potential.

Accent's share value has declined by 22 percent over the past six months. The company attributed this downturn partly to the impact of the war in the Middle East on consumer confidence.

Accent holds exclusive distribution rights for brands such as Dr Martens across Australia and New Zealand, operating over 800 stores in the region. The company also manages exclusive sales rights for other popular brands in the area, including Vans, Hoka, Ugg, and Timberland.

Frasers Group, which is majority-owned by Mike Ashley and owns a portfolio of retail brands including Sports Direct and House of Fraser, initially acquired a stake in Accent in 2024 and has since increased its holding.

This move by Frasers follows a series of recent acquisition attempts. The group recently made a £1.73 billion offer to acquire the remaining shares of German fashion brand Hugo Boss, of which it already possesses over a quarter. Hugo Boss has indicated that it is considering this proposal.