Frasers crosses key ownership threshold in Hugo Boss
Frasers (LSE:FRAS) announced on Tuesday that it has increased its shareholding in Hugo Boss (TG:BOSS) to approximately 30.28%, triggering the requirement to make a mandatory takeover offer under German takeover regulations.
The British retail group acquired a further 2.55 million shares in the German fashion company, lifting its ownership from 26.06% to above the 30% threshold. The latest purchase further strengthens Frasers’ position as Hugo Boss’ largest shareholder.
Existing €38-per-share offer remains on the table
Frasers first announced its proposed acquisition of Hugo Boss in June, offering €38 per share in a transaction that values the German fashion retailer at around €2 billion, equivalent to approximately $2.28 billion.
Hugo Boss’ management has previously recommended that shareholders reject the proposal, describing the offer as “financially inadequate.”
Acceptance deadline approaches
Frasers confirmed that its takeover offer remains open, with the initial acceptance period currently scheduled to expire on July 27.
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