Frasers Group makes full takeover offer for Australia's Accent Group

Frasers Group has launched a full on-market takeover bid for Accent Group, offering to buy all remaining fully paid ordinary shares in an all-cash deal. Based on Accent's issued shares, Frasers holds 22.9%, valuing the offer at about A$316 million (roughly £166 million). The bid starts trading on the ASX on 30 June and ends on 30 July. Accent's board has advised shareholders not to take action at this stage. Accent operates about 900 stores in Australia and New Zealand, including Platypus Shoes, Hype DC, The Athlete's Foot and Glue Store. The stock rose more than 15% on the news, trading at A$0.75 versus the A$0.65 offer.