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Frasers labels Accent Group target response a plain failing
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Frasers labels Accent Group target response a plain failing

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  • Frasers Group criticised Accent Group for inadequate disclosures regarding a takeover bid.
  • Accent Group shares traded at $0.71 following the public exchange.
  • Frasers continues to urge shareholders to reject the valuation and replace the chair.

Frasers Group accused Accent Group (ASX:AX1) of a governance failure after a regulatory intervention forced supplementary disclosures regarding a takeover offer.

Frasers previously launched an on-market takeover bid for Accent Group at $0.65 per share on June 15 but faced hurdles as target shares surged past the offer price.

"We regard that as a plain failing — and not a minor, technical or legal one," said Frasers Director Christopher Wootton.

The dispute followed an application to the Takeovers Panel, which resulted in Accent Group issuing a supplementary target statement on July 29 containing additional valuation details.

Frasers intends to press further governance changes as the takeover contest continues.

Following the announcement, the Accent Group share price was down at $0.71.

Frasers currently holds a 22.9% stake in Accent Group and has maintained an active pursuit to increase its ownership interest.

The UK-based retail group has repeatedly targeted the leadership structure of Accent Group, specifically calling for the removal of chair Lawrence Myers.

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