Overview
- Frasers publicly lodged an unconditional on‑market takeover offer for Accent at A$0.65 a share on Monday, filing a Bidder’s Statement with regulators and appointing Barrenjoey Markets as its broker.
- The offer will be executed on the open market from the start of trading on June 30 and is scheduled to run until July 30 unless extended or withdrawn.
- Frasers already owns 22.9 percent of Accent and says it wants at least 26 percent to nominate a second director under their partnership terms, which is why it must make a formal offer after crossing the 20 percent threshold.
- Frasers publicly criticises Accent’s recent trading, capital management and leadership, has called for chair Lawrence Myers to step down, and has cited an ASIC probe into possible insider trading involving senior executives as a governance concern.
- Market reaction drove Accent shares up roughly 11–14 percent on the announcement, but the offer carries no premium and sits well below the roughly A$0.90 per share price Frasers paid for its existing stake, making acceptance uncertain.