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Accent Group Board Urges Shareholders to Reject Frasers' Takeover Offer

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Accent Group's (ASX:AX1) independent board committee (IBC) has urged shareholders to reject Frasers Group's unchanged AU$0.65 per share takeover offer, saying it remains below the company's AU$0.72 closing share price on Monday, according to a same-day Australian bourse filing after market hours.

The IBC said Frasers had not increased its offer or disclosed any rise in voting power since the bid opened on June 30, while the company shares had consistently traded above the offer price, per the filing.

The committee also said the offer failed to secure disclosed shareholder support, while the Takeovers Panel declined to proceed after determining that its concerns had been "satisfactorily addressed," the filing said.

The IBC maintained its recommendation that shareholders take no action in relation to the offer, the filing added.

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