Hugo Boss (1K) | Hold | Frasers wants to become the BOSS

研报英文原文证据摘录

Hugo Boss (1K) | Hold | Frasers wants to become the BOSS

Hugo Boss Hold | Target Price: EUR37.00

Frasers offers EUR38 per Hugo Boss share

The offer details

On 10 June 2026 at around 6:30pm CEST, Frasers issued a public and voluntary takeover offer for

the Hugo Boss shares it doesn't own. Here are the main points of the offer:

The offer is for EUR38 in cash per share. This marks a 4.1% premium over the closing share

price on 10 June and a 4.4% premium over the 30-day VWAP.

Frasers confirmed to own 18,347,461 voting shares in Hugo Boss, which reflects a 26.06% of

the share capital and 26.58% of the voting rights (excluding treasury shares). Frasers did not

precisely disclose its derivative position in written puts but called it "significant". If we were to

use Frasers last public voting rights announcement from 19 May 2026, exclude the matured

derivatives and assume that no new derivatives have been written, his indirect stake via

derivatives (written puts) would amount to 18.2m shares, reflecting an additional 25.85%

stake in the share capital and 26.37% of the voting rights.

Based on the offer price of EUR38, the theoretical price for the remaining shares would be c.

EUR1,978m. Frasers stated that it signed an acquisition facility agreement with several banks

to finance the acquisition together with funds stemming from its existing term loan and RCF.

Together with transaction costs of EUR21m, Frasers stated that its liabilities would increase by

EUR1,999m at the proposed takeover price.

The offer is not subject to any minimum acceptance condition.

Frasers expects the completion of the offer in H2 2026 after regulatory clearance. Frasers CEO

Michael Murray is a member of Hugo Boss' supervisory board "...and as such, he did not