First View: A Bid for Accent Group

Research evidence excerpt

First View: A Bid for Accent Group

UK | General Retailers

Frasers Group EquityJuneResearch15, 2026

FIRST VIEWFirst View: A Bid for Accent Group

Conclusion RATING BUY

News. Frasers has today announced an all-cash on-market takeover offer PRICE 792.00p^

to acquire the remaining shares it does not hold in Australia-listed Accent PRICE TARGET | % TO PT 1,100.00p | +39%

Group (AX1). Frasers currently holds 22.9%. The offer price is A$0.65 per 52W HIGH-LOW 800p - 598p

share, in line with the closing Accent share price on 12 June. FLOAT (%) | ADV MM (USD) 26.7% | 157.71

MARKET CAP £3.5B | $4.7B

Views. Given the lack of premium, it is tempting to suggest that TICKER FRAS LN

this offer is consistent with that for BOSS last week - an opportunity ^Prior trading day's closing price unless otherwise

to incrementally build a holding while simultaneously obviating any noted.

requirement for a mandatory bid. However, the detail of the offer

highlights 'significant concerns regarding Accent's strategic direction and

performance', notably capital allocation and executive compensation, and

that FRAS has unsuccessfully tried to engage with the Accent Board.

Following downgraded earnings guidance, FRAS feels it is necessary to

increase its ownership to achieve greater influence over Accent's strategic

direction and protect its investment.

Detail

Frasers has today announced an all-cash on-market takeover offer to

acquire the remaining shares it does not hold in Australia-listed Accent

Group (AX1). Frasers currently holds 22.9%. The offer price is A$0.65 per

share, in line with the closing Accent share price on 12 June, essentially,

therefore representing a zero premium (albeit a 12.5% premium to the 1-

month VWAP). The aggregate consideration for the remaining c.77% of the