SYDNEY: Frasers Group plc launched an on-market, unconditional cash takeover bid Monday for all ordinary shares of Accent Group Ltd. that it does not already own, offering A$0.65 per share.
The bid, announced through Barrenjoey Markets Pty Ltd. as the bidder’s broker, values the remaining stake in Accent Group at approximately A$301.3 million based on the 463.5 million shares not already held by Frasers or its associates.
Frasers currently holds a relevant interest in 137.7 million Accent shares, representing about 22.9% of the target’s issued share capital.
The offer period officially runs from June 30 through July 30, 2026, unless extended or withdrawn under Australian corporations law. However, Barrenjoey Markets said it will begin accepting shares offered at the offer price from 10 a.m. Sydney time Monday.
“Given that the offer is an on-market bid, it is unconditional and the consideration will be paid in cash,” the company said in its announcement.
The offer applies to all fully paid ordinary shares in Accent Group listed on the Australian Securities Exchange, including any additional shares issued during the offer period.
Payment for shares sold under the offer will be made on a T+2 settlement basis in line with standard ASX settlement rules. Shareholders selling through brokers will be responsible for any brokerage fees charged.
Frasers reserved the right to withdraw unaccepted offers under circumstances permitted by Part 6.7 of Australia’s Corporations Act. The company may also extend the offer period or increase the offer price in accordance with the law.
A bidder’s statement was served on Accent Group on Monday and lodged with the ASX and the Australian Securities and Investments Commission. The statement will be sent to shareholders before the official offer period begins.
Frasers is registered in England and Wales. Accent Group Ltd. is based in Australia and trades on the ASX.
