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Asia

Frasers Group Claims Accent Group Had No 'Reasonable' Basis to Make Undervalue Statements

Accent Group (ASX:AX1) suitor Frasers Group filed a supplementary bidder's statement saying that Accent had no "reasonable" basis to make undervalue statements in relation to Frasers' takeover offer for the company, according to a Monday Australian bourse filing.Frasers said that Accent's first supplementary target statement does not actually address the substance of its concerns.This included that the target statement's "materially inadequate" valuation of Frasers' takeover offer rested on "the aspirational 2030 Strategic Growth Plan" with targets around four years away that are not earnings forecasts and which are unsupported by any fiscal 2027 or fiscal 2028 earnings guidance or bridge, according to Frasers.It also said that the "discount to value being touted by Accent conveniently used only selective, long- dated VWAPs, while excluding the shorter windows," which reflected more recent events.Frasers further said it has serious concerns about Accent's fiscal 2026 and fiscal 2027 results, and that Chair Lawrence Myers should step down.

ASX:AX1
Asia

Accent Group Reiterates Rejection of Frasers' Takeover Offer After Bid Extension

Accent Group (ASX:AX1) said Frasers Group has extended the closing date of its unsolicited on-market takeover offer to Sept. 30 from July 30, according to a Thursday filing with the Australian bourse.The company's independent board committee unanimously reaffirmed its recommendation that shareholders reject Frasers' takeover offer by taking no action and not selling their shares into the bid, despite the extension of the offer period, the filing added.The company's shares fell 1% in recent Thursday trade.

ASX:AX1
Asia

Accent Group Says Offer Period for Proposed Frasers Group Deal Extended Through September

Accent Group (ASX:AX1) said the offer period for Frasers Group's proposed acquisition of the company has been extended to the close of trading on Sept. 30, according to a Thursday filing with the Australian bourse.Frasers in June proposed to acquire all Accent Group shares it does not already own at AU$0.65 per share in cash.Accent Group's independent board committee subsequently recommended that shareholders reject the unsolicited on-market takeover bid.

ASX:AX1
Asia

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

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.

ASX:AX1
Asia

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

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."

ASX:AX1
Asia

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

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.

ASX:AX1
Asia

Accent Group Receives Intention to Make Takeover Bid; Shares Up 7%

Accent Group (ASX:AX1) received an intention to make a takeover bid from Barrenjoey Markets, on behalf of Frasers Group, of all the company shares it does not already own at AU$0.65 per share, according to a Monday filing with the Australian bourse.Barrenjoey will stand in the market on behalf of Frasers Group and accept target shares offered to it from Monday, and before the start of the offer period, the filing said.The offer will officially be made from June 30 to July 30, unless extended by the bidder, per the filing.Accent Group shares rose 7% in morning trade on Monday.

ASX:AX1
Asia

Australian Shares Decline; Viva Energy Expects Geelong Refinery Production to Reach Over 90% Capacity in June

Australian shares closed lower on Monday as investors await the Reserve Bank of Australia's monetary policy board meeting on Tuesday.The S&P/ASX 200 Index fell 0.37%, or 32.70 points, to close at 8,697.10.Brent crude oil futures inched up to $108.36 per barrel. US President Donald Trump said the US would start guiding neutral ships in the Persian Gulf through the Strait of Hormuz.On the domestic front, the ANZ-Indeed Australian job ads fell 0.8% month on month in April to a seasonally adjusted 113.3, following a revised 3.2% decrease to 114.2 in March, ANZ reported.Seasonally adjusted data revealed that the total number of dwellings approved in Australia fell by around 11% to 17,300 in March from 19,339 in the previous month, figures from the Australian Bureau of Statistics showed.The Melbourne Institute said its monthly inflation gauge recorded another increase in April, mainly driven by higher recreation-related prices, largely due to rising airfares.In company news, Viva Energy Group (ASX:VEA) expected repairs needed to restart the residue catalytic cracking unit at its fire-hit Geelong Refinery to take about six weeks before the unit returns to operation in June. The refinery expects to produce diesel and jet fuel at about 80% of capacity and petrol at roughly 60% while the unit remains offline. Its shares fell 4% at market close.National Australia Bank (ASX:NAB) reported fiscal first-half cash earnings of AU$0.861 per share, down from AU$1.145 a year earlier. Net operating income for the six months ended March 31 was AU$10.87 billion, compared with AU$10.27 billion a year earlier. Its shares closed down 1%.Lastly, Accent Group (ASX:AX1) lowered its earnings before interest and taxes (EBIT) guidance for the second half of fiscal year 2026 after higher fuel prices and deteriorating consumer confidence negatively impacted sales and margins in April. The company now expects fiscal second-half EBIT of AU$23 million to AU$28 million. In February, Accent Group guided for fiscal second-half EBIT of AU$30 million to AU$35 million. Its shares fell 13% on market close.

ASX 200ASX:AX1ASX:NABASX:VEA
Asia

Accent Group Lowers EBIT Guidance; Receives ASIC Investigation Notice; Shares Hit 52-Week Low

Accent Group (ASX:AX1) lowered its earnings before interest and taxes (EBIT) guidance for the second half of fiscal 2026 after higher fuel prices and deteriorating consumer confidence negatively impacted sales and margins in April, according to a Monday filing with the Australian bourse.The company now expects fiscal second-half EBIT of AU$23 million to AU$28 million. In February, Accent Group guided for fiscal second-half EBIT of AU$30 million to AU$35 million, a previous filing showed.As a result, the company now expects fiscal 2026 EBIT in the range of AU$79.5 million to AU$84.5 million, it said.Accent Group is preparing a new cost-out program that targets "significant" cost savings in fiscal 2027. The program, scheduled to be announced at an investor day on May 13, will result in an expected AU$2 million of restructuring costs from April to June.Additionally, the company said it received notices from the Australian Securities and Investments Commission for assistance in an investigation related to the trading of its securities in 2025. One notice requires the company to preserve communications concerning Chief Executive Daniel Agostinelli, non-executive director Michael Hapgood, and another senior employee.The notices do not imply wrongdoing, and there are no allegations against the company, it said.Accent Group shares fell about 9% in recent Monday trade and earlier hit a 52-week low.

ASX:AX1

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