UK's Frasers boosts Hugo Boss stake over 30% mandatory bid threshold

July 21 (Reuters) - British ‌retailer Frasers ​said ​on Tuesday that it has raised its holdings in Hugo Boss to ‌about 30.28%, crossing a key regulatory threshold in ⁠its takeover pursuit of the German fashion house.

Here ‌are some more details:

• Frasers ‌acquired a further 2.55 million Hugo Boss shares, taking its stake above the 30% ​limit following which companies are required to make a mandatory takeover bid under German ⁠takeover rules

• Frasers, Hugo Boss' biggest shareholder, earlier held a 26.06% ​stake in the firm

• The British company in June proposed to take over ​Hugo Boss for €38 per share, ‌or roughly €2 billion ($2.28 billion), an offer the German group urged its shareholders ⁠to reject, saying it was "financially inadequate"

• Frasers said on Tuesday its offer remains open, with the ⁠initial acceptance period running until July 27

• Hugo Boss told ​Reuters that Frasers Group's increased shareholding "does not have any implications for the voluntary takeover offer or the offer ‌process."

• Frasers last week withheld its fiscal 2027 outlook, saying ongoing takeover ‌bids for Hugo Boss and Australian footwear ⁠retailer Accent made it ‌difficult to forecast ​the year ahead

($1 = 0.8757 euros)

(Reporting by Anushka Chourasia in Bengaluru; Editing by Mrigank ‌Dhaniwala)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• ANZ says property tax changes hit mortgage demand, posts slightly higher profit
• Australia's Telstra posts 3.2% rise in annual profit, unveils further $706 million buyback
• Whole Foods recalls items containing jalapenos on potential salmonella contamination