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Accent Group Independent Board Committee Urges Shareholders to Reject Frasers Takeover Bid

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Accent Group's (ASX:AX1) independent board committee established to consider and respond to the Frasers Group's unsolicited on-market takeover offer recommended that shareholders reject the offer, according to a Monday Australian bourse filing.

Under the offer, Frasers Group proposed to acquire all Accent shares that Frasers and its associates do not already own for AU$0.65 per share in cash.

The committee said that the offer represents no premium and that the offer price does not appropriately reflect Accent's strategic position and medium-term growth potential. According to the committee, the bid is an attempt "to move towards control of Accent without offering shareholders any premium for that control."

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