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Accent Group Says Frasers Group's Takeover Proposal Carries No Premium to Last Closing Price; Shares Gain 10%

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Accent Group (ASX:AX1) said an unsolicited on-market takeover offer from Frasers Group does not carry any premium to its June 12 closing price, and shareholders should take no action on the offer for now, according to a Monday filing with the Australian bourse.

Frasers proposes to acquire all Accent Group shares it does not already own at AU$0.65 per share in cash.

Accent said Frasers' last on-market purchases of its shares occurred in February at average prices above AU$0.90 each, which is materially higher than the offer price.

The company urged shareholders to wait for the target's statement before deciding on the offer.

Accent Group shares gained 10% in recent Monday trade.

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