Frasers launches A$390.8 million takeover bid for Accent Group

Frasers Group has escalated its long-running stake in Accent Group into a full takeover bid, offering A$0.65 a share for the Australian footwear and sportswear retailer’s remaining stock. The A$390.8 million move values the target at the same level as its June 12 close, so the proposal carries no takeover premium even as Accent’s shares climbed more than 9% on the market’s read that Frasers is pressing for control.

Frasers already owns 22.90% of Accent, or about 137.7 million shares, and the offer covers the rest of the company. The remaining stake is valued at about A$316 million, or £166 million. Barrenjoey Markets Pty Ltd will stand in the market from June 15, while the on-market offer is scheduled to open on June 30 and close on July 30, unless it is extended or withdrawn. Accent’s board told shareholders to take no action while it assesses the proposal.

The bid matters because it is more than a simple ownership reset. Frasers has been building a larger retail platform across sporting goods and fashion, and Accent gives it scale in Australia and New Zealand through a business that spans footwear, sportswear, 19 brands, more than 20 online platforms and over 500 stores. For Frasers, control would tighten its grip on a distribution and brand network that already includes Sports Direct, while also giving it greater reach in a market where consumer spending has been cautious and retailers have been pushed to defend margins with scale.

The relationship between the two companies has been developing for nearly two years. Frasers first disclosed a 14.65% strategic investment in Accent on August 28, 2024, saying Accent delivered A$1.6 billion of sales from nearly 900 stores and websites. In April 2025, Accent said it would launch and operate Sports Direct in Australia and New Zealand, while Frasers lifted its holding to 19.57%. Accent later said that arrangement ran for 25 years across the two countries.

That history makes the bid look less like a surprise than a test of how far Frasers wants to push its global expansion strategy. The absence of a premium puts the focus on minority shareholders, who must decide whether to accept a control play at the last closing price or wait for a potentially better outcome. Suppliers will be watching too, because a larger Frasers-controlled Accent would have more buying power, tighter inventory discipline and greater influence over the retail chain. For Frasers, the offer signals confidence that Australian consumers and the region’s sporting-goods market are worth more than a passive stake.