UK's Frasers boosts Hugo Boss stake over 30% mandatory bid threshold (updated)
UPDATE 1-UK's Frasers boosts Hugo Boss stake over 30% mandatory bid threshold Adds Hugo Boss' comment in bullet 5
July 21 (Reuters) - British retailer Frasers FRAS.L said on Tuesday that it has raised its holdings in Hugo Boss BOSSn.DE to about 30.28%, crossing a key regulatory threshold in its takeover pursuit of the German fashion house.
Here are some more details:
Frasers acquired a further 2.55 million Hugo Boss shares, taking its stake above the 30% limit following which companies are required to make a mandatory takeover bid under German takeover rules
Frasers, Hugo Boss' biggest shareholder, earlier held a 26.06% stake in the firm
The British company in June proposed to take over Hugo Boss for €38 per share, or roughly €2 billion ($2.28 billion), an offer the German group urged its shareholders to reject, saying it was "financially inadequate"
Frasers said on Tuesday its offer remains open, with the initial acceptance period running until July 27
Hugo Boss told Reuters that Frasers Group's increased shareholding "does not have any implications for the voluntary takeover offer or the offer process."
Frasers last week withheld its fiscal 2027 outlook, saying ongoing takeover bids for Hugo Boss and Australian footwear retailer Accent made it difficult to forecast the year ahead
($1 = 0.8757 euros)
(Reporting by Anushka Chourasia in Bengaluru; Editing by Mrigank Dhaniwala)
((Anushka.Chourasia@thomsonreuters.com))