Mike Ashley puts his well worn M&A playbook to work with Frasers Group tilt at Accent
The ASX is getting its first real taste of the UK retail billionaire’s infamously aggressive drive for corporate power.
UK investors may well have grown accustomed to retail billionaire and former Newcastle United-owner Mike Ashley’s aggressive takeover tactics, but the Australian market is now getting its first taste.
On Monday, his UK-listed Frasers Group launched a hostile takeover bid for footwear retailer Accent at no premium on a last close price near historic lows.
The bid came just over a year into a quarter century-long strategic partnership between Frasers and Accent to roll out the Ashley-founded Sports Direct brand down under.
Ashley’s Frasers first acquired a near 15% stake in Accent from Australian retailer Brett Blundy (who is known for his own takeover tactics) in 2024. It has steadily built up its position since then to around 23%.
