Accent Group has responded to Frasers Group's unsolicited on-market takeover offer, telling shareholders to take no action until the company issues a formal target statement.
Frasers launched its offer this week, bidding $0.65 cash per share for all Accent shares it and its associates do not already own. Frasers and its associates currently hold approximately 22.9 per cent of Accent shares.
In an ASX announcement released just after the bid was announced, the Accent board noted the offer price represents no premium to Accent's last closing price on June 12 last week. The board also noted that Frasers' own substantial holding notice discloses its last on-market purchases of Accent shares occurred between February 3 and 5, 2026, at average prices above $0.90 — materially above the current offer price.
Accent further highlighted that because the offer is an on-market bid, shareholders who sell their shares to Frasers will not be able to withdraw that sale, and will not receive the benefit of any future increase in the offer price or any superior proposal that may emerge.
The Accent board confirmed it is considering the offer with its advisers and will provide a formal recommendation in a target's statement in accordance with the Corporations Act. Shareholders were urged to wait until they receive and read that statement before deciding whether to accept or reject the offer.
Luminis Partners has been appointed as financial adviser and Arnold Bloch Leibler as legal adviser to Accent in relation to the offer.
Accent's target statement is due within 15 days of Frasers' bidder's statement being dispatched to shareholders.