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)
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