Accent Group Limited (ASX: AX1), a prominent Australian retailer of performance and lifestyle footwear, has advised its shareholders to take no action regarding an unsolicited on-market takeover offer from Frasers Group PLC. The offer, announced today, seeks to acquire all Accent shares not already owned by Frasers and its associates for A$0.65 cash per share. Accent’s board has explicitly urged shareholders to refrain from any immediate action concerning the proposal.
The Accent Board has outlined several key observations regarding Frasers’ offer. Notably, the A$0.65 offer price is equivalent to Accent shares’ last closing price on 12 June 2026, meaning it represents no premium to that price. Furthermore, Frasers’ own substantial holding notice indicates its most recent on-market purchases of Accent shares occurred between 3 February 2026 and 5 February 2026, at average prices exceeding A$0.90, which is materially above the current offer. The board also highlighted that due to the nature of an on-market bid, shareholders who sell their shares to Frasers will be unable to withdraw the sale and will not benefit from any potential increase in the offer price or any superior proposal that might emerge.
Currently, the Accent Board is diligently considering the offer in consultation with its financial adviser, Luminis Partners, and legal adviser, Arnold Bloch Leibler. Shareholders will receive a formal recommendation in a target’s statement, which will be issued in accordance with the Corporations Act. Accent Group strongly advises shareholders to await and thoroughly read this target’s statement before making any decision to accept or reject the offer. To “TAKE NO ACTION,” shareholders are simply required to do nothing in relation to the Offer. Accent has affirmed it will continue to keep shareholders informed as appropriate, in line with its continuous disclosure obligations.
