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Accent Group Recommends Shareholders Reject On-Market Takeover Bid by Frasers Group

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Accent Group's (ASX:AX1) independent board committee recommended that shareholders reject the unsolicited on-market takeover bid made by Frasers Group for all of the shares in the company that Frasers and its associates do not already own at AU$0.65 apiece, according to a Monday filing with the Australian bourse.

The committee determined that the offer represents no premium at a price that is "materially inadequate," the filing said.

Additionally, the offer is viewed as "opportunistically timed" during a period of cyclical weakness in the discretionary consumer retail sector, per the filing.

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