Australia's Accent Group jumps as top shareholder launches $277 million takeover bid (updated)

Frasers

15/06/2026 06:58

Updates with share moves, details from paragraph 3
June 15 (Reuters) - Australian footwear and sportswear retailer Accent Group AX1.AX has received a A$390.8 million ($276.80 million) takeover offer from its largest shareholder, Frasers Group FRAS.L, sending its shares soaring more than 16% on Monday.
The offer price of A$0.65 per share in cash is equal to Accent's last close on June 12. It was lower than the over A$0.90 per share paid on average in early February by Britain-based sporting goods retailer Frasers to acquire Accent shares.
Shares of Accent surged as much as 16.2% to hit a more than two-month high. The benchmark stock index .AXJO was up 1.2%.
The Victoria-based company said its board is weighing the offer together with its advisers and advised its shareholders to take no action.
Frasers is Accent's largest shareholder with a 22.9% stake, according to the offer statement lodged by Barrenjoey on behalf of Frasers.
The offer period ends on July 30, unless extended by Frasers.
     
($1 = 1.4118 Australian dollars)

 (Reporting by Nichiket Sunil and Keshav Singh Chundawat in Bengaluru; Editing by Rashmi Aich and Subhranshu Sahu)
 ((Nichiket.Sunil@thomsonreuters.com; Keshav.singhchundawat@thomsonreuters.com))