Australia’s Accent Group said on Monday that an independent board committee comprising all but one of its directors recommended to reject the A$390.8 million ($274 million) takeover offer from its top shareholder, Britain’s Frasers Group.
Here are the details:
- The committee set up by the footwear and sportswear retailer highlighted that the offer price of A$0.65 a share matched Accent’s last closing price before the offer was announced, representing no premium.
- It added that the offer was materially inadequate and that the timing was “highly opportunistic”, noting it comes during a period of cyclical weakness in the discretionary consumer retail sector.
- The offer, which was announced a week ago, was lower than the over A$0.90 per share paid on average in early February by the Britain-based sporting goods retailer Frasers to acquire Accent shares.
