Frasers Group has decided to extend its takeover bid of Australian apparel and footwear conglomerate Accent Group for another month.
The United Kingdom-based retail group originally launched its bid to take on more control of Accent Group – the company behind Platypus, Hoka and The Athlete’s Foot – on June 15, with the initial takeover period expected to end on July 30. Now, the offer extends to September 30.
The offer price still stands at $0.65, which is below Accent’s current share price which has been hovering above 70 cents since the bid was tabled. Since the initial launch, no substantial shareholder movements have been shared by Accent, apart from Frasers upping its stake in Accent to 22.9 per cent.
Frasers first entered the Accent share register in August 2024, when it acquired Brett Blundy's 14.65 per cent stake in the company. That relationship was formalised the following year, when Frasers agreed to increase its shareholding in Accent to 19.57 per cent, with the updated stake used to fund the initial roll-out of the Sports Direct business in ANZ.
Accent was granted the right to manage Sports Direct locally for an initial 25-year term, with an initial plan for 50 stores over six years.
The rollout began in November 2025, and Accent has since revised its store targets under its 2030 Strategic Growth Plan, with the target now being eight stores by December 2026 and 30 stores within three years, before reaching a 50- to 100-store ambition "over time."
Rather than stepping back as it has in Malaysia, Frasers has continued building its position in Accent.
Accent's independent board committee (IBC) has rejected Fraser’s takeover bid offer, with the retailer arguing Sports Direct ANZ has become a key driver of future value and that Frasers is uniquely positioned to understand its earnings potential through its existing commercial relationship.
The IBC has separately argued that the UK company is seeking to increase its exposure to and control of Accent's Sports Direct license, which the Australian conglomerate called a strategic asset and a core driver of its value opportunity.
Following that, Frasers called on the Australian Government’s Takeovers Panel for help, claiming Accent's rejection response was not soundly based nor reasonable. The Panel has yet to share an update on how it will proceed with the call.