Accent Group shares fall on potential Frasers deal
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More news: Accent Group shares lowered on news that the footwear retailer is in "active discussions" with British retail chain Frasers over a potential deal to launch fitness clothing brand Sports Direct in Australia.
Accent shares were down 2.5% to $1.79 at 1:10pm AEDT, extending losses of more than 20% over the last 12 months.
Accent Group in 'active discussions' with Frasers over Sports Direct deal
The news: Footwear retailer Accent Group has confirmed it remains in "active discussions" with London-listed retail chain Frasers over a possible deal to roll out fitness clothing brand Sports Direct in Australia.
The numbers: Accent said the discussions involve Frasers granting it the right to launch and operate Frasers' Sports Direct business, including online in Australia and New Zealand, as well as Frasers increasing its existing 14.57% shareholding in Accent.
The context: Accent, which owns the Hype DC and Platypus shoe stores, confirmed that the two companies have not agreed binding transaction documents and there is no certainty a transaction will occur.
The statement followed a media report on Sunday that claimed the two companies were on the brink of signing a deal that would see Frasers' shareholding increase to 19.99%, and agree a joint venture to roll out stores across Australia.
