Accent Group shares lift after hostile takeover bid from UK’s Frasers Group
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The news: UK retailer Frasers Group has launched an on-market takeover bid for Platypus and Hype DC owner Accent Group amid poor financial performance and governance concerns as corporate regulator ASIC undertakes an insider trading investigation.
The numbers: Frasers is offering 65 cents per share, which represents no premium to the last close price. At 10:33am AEST, shares in Accent Group had lifted 7.7% to 70 cents per share but was still down 48.2% over the last 12 months.
Fraser already holds a 22.9% interest in the company. The offer period will run from 30 June 2026 to 30 July 2026.
The context: In a letter to shareholders, Frasers said it has “significant concerns” regarding Accent’s strategic direction and performance under chair Lawrence Myers as well as the incumbent management team.
Accent Group and chief executive Daniel Agostinelli are also under investigation by corporate regulator ASIC in relation to insider trading.
Fraser first made a 14.65% strategic investment in Accent Group in August 2024. Fraser entered a 25-year strategic agreement in April 2025 and increased its shareholding to nearly 20% to help fund Accent’s rollout of Sports Direct brand across Australia and New Zealand.
