Morningstar recommends Accent shareholders to ignore Frasers' takeover bid
BUZZ-Morningstar recommends Accent shareholders to ignore Frasers' takeover bid ** Britain's Frasers Group FRAS.L on Monday launched a takeover bid to buy Australian retailer Accent Group AX1.AX
** Offer price of A$0.65 per share equals Accent's closing price on June 12, offering no premium
** Accent advised shareholders in a statement to ignore the offer from Frasers, Accent's top shareholder
** Shares of Accent rallied over 15% on the day, implying expectations of a higher offer from Frasers or other bidders
** Morningstar sees takeover as a mechanism for Frasers to accumulate stock cheaply
** Research firm finds offer significantly undervalued and recommends ignoring it
** 11 analysts, on average, recommend 'hold' on Accent, with median PT at A$0.73, according to LSEG-compiled data
** Accent shares down 20.6% YTD, Frasers up 11.1%
(Reporting by Nichiket Sunil in Bengaluru)