Frasers Group extends Accent Group offer to Sept. 30

• Frasers Group extended its cash takeover offer for Accent Group from July 30 to Sept. 30.
• The bidder has failed to buy additional shares because its 65-cent offer sits below the market price.
• Frasers has applied to the Takeovers Panel while investors speculate a higher offer may follow.

Frasers Group extended its 65-cent cash takeover offer for Accent Group (ASX:AX1) until Sept. 30.

The offer price remains below Accent's last closing price of 72 cents per share.

Accent's independent board committee continues to recommend that shareholders reject the 65-cent proposal.

Frasers currently holds a 22.9% stake in the retailer but cannot acquire more shares at this price.

Following the announcement, the Accent Group share price was unchanged at $0.72.

Frasers has challenged the rejection, arguing Accent failed to provide soundly based reasons to shareholders.

Some investors expect the UK retail group to eventually raise its offer to expand its stake.