Accent Group has hit back against what it called an unsolicited takeover offer from the Mike Ashley-owned Frasers Group, which came after the UK-based retail conglomerate raised “significant concerns” about the direction of the Australian group.

Frasers made public its intentions to purchase all of Accent’s ordinary shares during an offer period from June 30 to July 30; it already owns a 22.9 per cent stake in Accent.

But the Australian operator of Hoka, The Athlete’s Foot, and Sports Direct hit back at the deal, instructing its shareholders not to respond to Frasers.

“Accent shareholders should take no action in relation to the offer,” it told investors on the ASX. 

“The Accent board is considering the offer, together with its advisers, and will provide shareholders with a formal recommendation in a target statement in accordance with the Corporations Act. Accent shareholders are urged to wait until they receive and read Accent’s target statement before deciding whether to accept or reject the offer.” 

Frasers said it was a “great believer” in the strength of Accent’s portfolio, one which is placing its bets on the rollout of the Mike Ashley-founded Sports Direct brand across Australia and New Zealand.

Its criticisms, however, were levied at the chairman, Lawrence Myers and the management team atop Accent. Frasers also accused Accent of prioritising shareholder distributions during a period of declining earnings and increasing borrowing.