British billionaire Mike Ashley's Frasers Group has launched its second takeover bid in a week, targeting Australian footwear business Accent Group. This was reported by Qazaqyia.kz citing The Guardian.
Frasers Group, which already owns the biggest single stake in Accent at 22.9%, offered 65 Australian cents (34p) per share for the remaining shares, matching Friday's closing price. The total deal is worth A$316 million (£166 million).
The bid follows Ashley's attempt to acquire German luxury fashion brand Hugo Boss for nearly €2 billion (£1.73 billion) last week. If both bids succeed, Frasers Group would add two new brands to its portfolio, which already includes Frasers department stores (formerly House of Fraser), Sports Direct, and bicycle retailer Evans Cycles.
Ashley, known for his controversial business tactics, retains a 73% stake in Frasers. He built the company from a single sports store in Maidenhead, Berkshire, opened in 1982 with £10,000 from his parents. He stepped down from the board in 2022.
According to the Sunday Times rich list, his wealth grew by £317 million to £3.44 billion last year.
Accent, listed on the Australian stock market, sells brands including Skechers, Lacoste, and Hype. In a letter to Accent shareholders, Frasers said it was a "great believer in the strength sold through Accent's retail network" and was "highly confident in the long-term potential of the brands in the Australian market."
However, it expressed "significant concerns" about Accent's management, including decisions to "prioritise shareholder distributions during a period of declining earnings, increased borrowing and ongoing growth investment obligations."
The group also criticised high executive pay at Accent, noting that at its last annual meeting, 82% of votes were against the company's 2025 remuneration report. Chief executive Daniel Agostinelli received a total package of A$1.625 million last year.
Accent shares have lost about a fifth of their value year-to-date. Last month, it told investors that sales and gross profit margin had fallen this year. It also announced plans to open more Sports Direct stores across Australia and New Zealand.
Accent, now headquartered in Melbourne, started as a wholesale distributor in New Zealand in 1988. It has more than 800 stores offering 34 brands and employs over 8,600 people across Australia and New Zealand.
On Monday, Accent shares jumped as much as 15% to 75 Australian cents, giving the company a market value of A$450 million.
Accent said its board was considering the offer and would provide shareholders with a formal recommendation later.