Takeovers Panel declines proceedings on Frasers takeover bid for Accent

• The Takeover Panel declined to conduct proceedings regarding an application from Frasers Group concerning Accent Group following corrective disclosures.
• Accent Group shares traded at $0.70 following the regulatory update.
• The regulatory review addressed disclosures surrounding an ongoing on-market takeover bid.

The Australian Government Takeovers Panel declined to conduct proceedings on an application filed by Frasers Group regarding Accent Group (ASX:AX1) after the retailer provided corrective disclosures.

The regulatory review focused on disclosure concerns in the target statement issued on June 29 relating to an ongoing on-market takeover bid.

The Panel had raised questions regarding the reasoning supporting statements that the offer was inadequate and the reliance placed on the 2030 strategic growth plan.

Accent subsequently provided a draft first supplementary target statement containing the required corrective disclosures to address the regulatory concerns.

The Panel stated that the supplementary document successfully addressed its concerns and provided shareholders with sufficient information to evaluate the offer.

Following the announcement, the Accent Group share price was down at $0.70.

The company operates a retail network spanning multiple footwear and apparel brands across Australia and New Zealand.