The Accent Group Ltd (ASX: AX1) share price is in focus after Frasers Group plc released a supplementary bidder's statement reaffirming its all-cash takeover offer of $0.65 per Accent share. Frasers says Accent's response to the bid lacks a clear valuation basis, and maintains its offer values shares at a premium to recent trading.
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What did Accent Group report?
- Frasers Group's unconditional, all-cash offer remains at $0.65 per Accent share
- The offer price represents a 6% premium to the 5-day VWAP and a 12% premium to the 1-month VWAP
- Accent's recent like-for-like sales slipped into negative territory for H2 FY26 so far
- Accent's independent board committee (IBC) repeated its view that the offer is "materially inadequate"
- No formal valuation or valuation range for Accent shares has been disclosed by Accent
- The bid closes at 4:00pm (Sydney time) on 30 September 2026, unless extended or withdrawn
What else do investors need to know?
The supplementary bidder's statement was prompted by Accent's corrective disclosure following concerns raised with the Takeovers Panel by Frasers. Frasers argues that Accent's rejection relies heavily on long-term aspiring targets (not forecasts) and omits important context about near-term performance.
Frasers points to ongoing uncertainty around Accent's earnings and highlights the negative trend in like-for-like sales since the first half of FY26. According to Frasers, the company's own board has also flagged risks of a material goodwill impairment in the near term.
What's next for Accent Group?
Frasers continues to seek shareholder acceptance for its bid, emphasising that Accent has not provided a formal valuation or bridge between current results and long-term ambitions. The group urges shareholders to weigh the certainty of the cash offer against uncertainty in Accent's outlook.
The offer is scheduled to close on 30 September 2026, unless extended. Frasers remains critical of Accent's leadership and disclosure practices, calling for a refreshed board to drive future growth and stability.
Accent Group share price snapshot
Over the past 12 months, Accent Group shares have declined 53%, trailing the All Ordinaries Index (AS:X XAO), which has risen 5% over the same period.
