Companies

Accent Group rejects Frasers' takeover bid

Jun 29, 2026 Australia

The independent board committee of the Australian sports footwear retailer has urged shareholders to reject a takeover offer from Frasers Group, describing the bid as highly opportunistic

The Accent Group announced that a board committee comprising all but one of its directors had recommended rejecting the 390.8 million Australian dollars takeover offer from the British retailer, the group’s top shareholder, describing the bid as “as unsolicited and highly opportunistic”.

The 0.65 Australian dollar-per-share bid matched Accent's closing price before the announcement, but the stock later rose above the offer, closing at 0.74 Australian dollars on Friday.

The committee stated that the offer undervalued the company, as it failed to reflect the anticipated advantages of the group’s 2030 growth strategy, and was made during a cyclical downturn in the Australian discretionary retail sector. The committee also noted that the bid was below the prices that Frasers had previously paid for Accent shares.

In addition, the directors claimed that Frasers was seeking to increase its influence over the group, including its Sports Direct ANZ business, without paying a control premium. They also warned shareholders who accepted the on-market offer that they would miss out on any higher bid or competing proposal that might emerge.

Image Credits: businesscloud.co.uk

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