Frasers launches $390m Accent takeover bid and pushes to remove chair

Hostile bid

Frasers Group has launched a hostile takeover bid for Accent Group, offering A$0.65 a share for the Australian footwear retailer and valuing it at about A$390 million.

The offer is aimed at the shares Frasers does not already own. Frasers is already Accent's largest shareholder, with a stake of about 22.9% to 23%.

The bid price is close to Accent's recent trading level, leaving little or no premium for other shareholders.

Governance pressure

Alongside the takeover proposal, Frasers has called for Accent chairman Lawrence Myers to be removed if the bid succeeds.

Reported coverage says Frasers has also raised concerns about Accent's strategy, capital management, borrowing, executive pay and recent financial performance.

That makes the proposal more than a simple ownership bid. Frasers is pressing for a change in control and a board shake-up at the same time.

Accent said its board is reviewing the proposal and has advised shareholders to take no action for now while it considers the offer.

Chronology and market reaction

The move adds to a broader push by Frasers and its owner, Mike Ashley, to build stakes in listed retailers and push for operational changes.

The latest offer follows Frasers' recent takeover approach for Hugo Boss, underscoring that the company is still actively pursuing deals.

Market reaction was immediate. Accent shares rose about 15% on the announcement as investors weighed the hostile bid and the possibility of a board change.

Why it matters

Accent is a major Australian and New Zealand footwear and sports retailer, with more than 800 stores and more than 8,600 employees.

The company sits behind brands including Skechers, The Athlete's Foot and Platypus, and it already has a commercial relationship with Frasers through Sports Direct expansion plans in Australia and New Zealand.

That existing relationship could matter if the bid turns into negotiations, but for now the approach is hostile and the sides are publicly at odds over direction and governance.

Shareholders, employees and suppliers are now facing a period of uncertainty while Accent prepares its formal response.

What happens next

The key next step is Accent's target's statement, which should set out the board's formal recommendation to shareholders.

From there, Frasers could keep pressure on the board, raise its offer or seek further governance changes. Regulatory filings and any ASX or ASIC issues will also be watched closely.

No later response from Accent or filing that changed the terms of the proposal was found in the latest reporting.