Frasers launches £166m bid for Australia's Accent Group

(Sharecast News) - Frasers Group said it had launched a bid to buy Australian sports footwear retailer Accent Group for £166m. The company, which already owns a 23% stake in the retailer, is offering 65 Australian cents a share for Accent, which operates more than 800 stores across Australia and New Zealand under banners including Hype DC, Platypus, Skechers and The Athlete's Foot.

Shares in Accent surged to a high of 75 cents after the bid was tabled and the board advised shareholders to take no action, noting that the deal offered no premium to the company's closing price on June 12.

Reporting by Frank Prenesti for Sharecast.com

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