Mike Ashley’s Frasers Group has told shareholders of the ASX-listed Accent Group that its takeover offer of 65 cents per share is final, despite long-running criticism from the target’s board.

The offer – which comes shortly after Frasers became the majority shareholder of Hugo Boss – was first placed in mid-June. Frasers said it wanted to increase its stake in Accent following “significant concern” about its management team.

Accent Group directors said in late September they would stand for re-election seeking a vote of confidence from the shareholders at the annual meeting on November 20.

“Frasers has had ample opportunity to put its case to Accent shareholders through its offer and has failed to attract meaningful support,” chairman Lawrence Myers said, following the re-election announcement. “This action enables all shareholders to directly decide how they want their company to be run.”

But this move from Accent, alongside its lengthy criticism of the original offer price, has not swayed Frasers Group.

On October 28, Frasers declared its offer price “best and final”. “The offer price has been declared best and final and will not be increased,” the company told investors. 

“Frasers encourages Accent shareholders to act now and accept the offer.”

Frasers argued that no competing offer has been fielded in the four months since its original proposal, while telling shareholders that they will be able to immediately cash in on their shares. It also claimed there is a potential risk of Accent’s share price falling below the 65 cents mark if the offer is declined.

The British retail group criticised Accent’s continued prioritisation of shareholder distribution “during a period of material earnings pressure, increased borrowings and ongoing growth investment obligations”. Frasers called this strategy “neither sustainable nor prudent”.

The offer period ends on January 29, 2027.