Mike Ashley's Frasers ramps up stake in Hugo Boss

(Sharecast News) - Frasers Group has boosted its stake in takeover target Hugo Boss to more than 30%, the acquisitive British retailer confirmed on Tuesday. In a brief update, Mike Ashley's retail empire said it had acquired a further 2.55m shares in the German fashion house, taking its holding to 30.28%.

The London-listed group continued: "Frasers is therefore pleased to confirm that it has exceeded the mandatory bid threshold of 30% as provided for in the German takeover code.

"The offer of €38 per Hugo Boss share remains open for shareholders for accept."

The initial acceptance period ends on Friday.

The House of Fraser-parent, which also owns Sports Direct, Evans Cycles and Gieves & Hawkes, among others, first unveiled its €38 share offer in June. The deal values the company at around €2bn. But Hugo Boss has urged shareholders to reject the approach, arguing it is "financially inadequate".

Hugo Boss had yet to comment on the upsized stake.

As at 0930 BST, shares in both Frasers and Hugo Boss were largely unchanged.

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