Frasers Group has launched an all-cash takeover offer to acquire the shares it does not already own in Australian retail business Accent Group, motivated by concerns about Accent’s management, governance, and financial performance.

Already Accent’s largest shareholder with a 22.9% stake acquired at an average price of A$0.90 per share, Frasers said the takeover offer is intended to protect and strengthen the value of its investment while increasing its influence over the company’s future direction.

The offer, announced via the Australian Securities Exchange, values Accent at approximately £215m overall, with Frasers seeking to acquire the remaining 77.1% stake it does not already own for around £166m.

Under the terms of the deal, Frasers is offering £0.34 per Accent share through an unconditional on-market takeover bid. The company currently owns 22.9% of Accent’s issued share capital.

Frasers has appointed Barrenjoey Markets to acquire shares on its behalf during normal market trading, allowing shareholders to sell into the offer ahead of the formal opening and receive cash settlement shortly afterwards. The offer period is scheduled to open on 30 June 2026 and close on 30 July 2026 unless extended or withdrawn.

Frasers said its takeover approach is being driven not only by expansion ambitions, but also by concerns over the Australian retailer’s management, governance and recent financial performance.

In its bidder’s statement and accompanying commentary, Frasers said it had developed “significant concerns” regarding Accent’s strategic direction and operating results. It also raised concerns around chairman Lawrence Myers and the existing management team, questioning whether current management actions were aligned with long-term shareholder value.

Among the issues highlighted by Frasers was a 40.5% year-on-year decline in net profit after tax, alongside two earnings downgrades during FY26 and declining like-for-like sales.

Frasers also referenced an ongoing ASIC investigation into alleged insider trading involving Accent personnel, including the CEO, although no findings have been made.

The group additionally expressed frustration over the progress of its strategic partnership with Accent. Plans to expand Sports Direct across Australia and New Zealand had originally targeted 50 stores but were later revised down to eight stores by December 2026 and 30 stores over three years.

Frasers said it had repeatedly attempted to engage with Accent’s board over these issues but received “no meaningful response”.

Accent is one of Australia and New Zealand’s largest multi-brand retail groups, operating more than 800 stores across a portfolio of sports and lifestyle brands.

Frasers shares rose as much as 3.4%, reaching their highest level since October 2024.

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