Frasers makes 'best and final' offer for Accent takeover deal

British retail giant Frasers Group has declared its 0.65 Australian dollar-per-share takeover offer for Australian footwear retailer Accent Group “best and final”, confirming it will not increase its bid as the two companies continue their dispute over the proposed acquisition.

Frasers is urging Accent shareholders to accept the unconditional cash offer, which is scheduled to close at 4pm Sydney time on January 29, 2027. Shareholders who accept will receive payment within two trading days.

Accent’s independent board committee has unanimously reiterated its recommendation that shareholders reject the proposal, arguing the offer undervalues the business and provides no premium for control. The committee said, however, that the bid had failed to garner meaningful shareholder support.

Frasers became Accent’s largest shareholder in 2024 as part of its expansion strategy for Sports Direct in Australia and New Zealand. The companies agreed on a 25-year partnership, under which Accent would open up to 100 Sports Direct stores across the region.

Relations deteriorated after Frasers launched its unsolicited takeover bid in June 2026, offering to acquire the shares it did not already own. The group has criticised Accent’s governance and capital allocation following weaker financial results, including a statutory loss and increased borrowings.

Accent’s board has further accused Frasers of seeking greater influence over the business without paying a control premium, particularly ahead of its annual general meeting on November 20, where board composition is expected to be a key issue.

The latest declaration leaves shareholders with a final offer price, while Accent’s board continues to advise them to take no action.