Accent Group's independent board committee urges shareholders to reject Frasers’ takeover offer

Frasers

Mon 01:01

June 22 (Reuters) - Australia's Accent Group AX1.AX said on Monday that an independent board committee comprising all but one of its directors recommended to reject the A$390.8 million ($274 million) takeover offer from its top shareholder, Britain's Frasers Group FRAS.L.

Here are the details:
The committee set up by the footwear and sportswear retailer highlighted that the offer price of A$0.65 a share matched Accent's last closing price before the offer was announced, representing no premium.
It added that the offer was materially inadequate and that the timing was "highly opportunistic", noting it comes during a period of cyclical weakness in the discretionary consumer retail sector.
The offer, which was announced a week ago, was lower than the over A$0.90 per share paid on average in early February by the Britain-based sporting goods retailer Frasers to acquire Accent shares.
 ($1 = 1.4263 Australian dollars)

 (Reporting by Nichiket Sunil in Bengaluru; Editing by Himani Sarkar)
 ((Nichiket.Sunil@thomsonreuters.com;))