Frasers Group launched an unconditional on-market takeover bid on 15 June for the 77.1% of ASX-listed Accent Group it does not already own, offering A$0.65 a share in cash, or about A$316m.
Why Frasers Group is buying Accent Group
Frasers said it had repeatedly tried to engage Accent's management over falling earnings, rising borrowings and high dividends without a meaningful response, and criticised the company's performance and capital management. The planned Sports Direct roll-out in Australia had been cut from 50 stores to eight by December 2026. A 26% holding would let Frasers nominate a second director.
Deal terms and financing
The bid, made through broker Barrenjoey, is unconditional and values Accent at A$390m. Shareholders who sell into it on market cannot withdraw or benefit from any later higher offer.
Regulatory approvals and timing
Frasers extended the offer period to 30 September 2026 and then, on 18 September, to 29 January 2027, leaving other terms unchanged.
Market context
Accent's independent board committee, advised by Luminis Partners and Arnold Bloch Leibler, said the price offered zero premium to the closing price on 12 June and urged shareholders to take no action. Frasers and Accent had partnered to bring the Sports Direct banner to Australia.
