Frasers says offer for Hugo Boss unconditional following EU clearance
UK retailer Frasers Group PLC on Tuesday said its takeover offer for German fashion label Hugo Boss AG is now unconditional, after receiving clearance from the European Commission.
The Shirebrook, England-based retailer is the owner of the House of Fraser, Sports Direct and Flannels brands. It holds just over a 30% stake in Metzingen, Germany-based Hugo Boss and has offered to buy all remaining shares at EUR38.00 per share.
Hugo Boss shares were trading flat at EUR37.93 in Frankfurt on Tuesday. It has a market capitalisation of EUR2.62 billion.
Frasers was trading up 0.7% to 785.00 pence in London, giving it a £3.51 billion market cap.
Frasers said its takeover offer for Hugo Boss received merger control clearance on Monday from the European Commission, satisfying an offer condition and making the offer unconditional.
The offer is in an additional acceptance period, extended from July 27 to August 13.
Hugo Boss has in the past urged its shareholders to reject the Frasers offer, saying it is "inadequate from a financial point of view". However, Frasers has said its offer is "final".
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