Shoe chain tells UK share predator offer is 'rejected'

But Accent Group on Monday told investors not to sell their shares into the offer, saying that if they did they wouldn't see any price upside from its ongoing strategy to boost profits.

Its independent board also warned that the current offer offered no premium to the share price, which on Friday closed at 74 cents, and was "highly" opportunistic.

"The offer price is materially inadequate and does not appropriately reflect Accent's strategic position, medium-term growth potential or the benefits expected from Accent's strategic growth plan," it said.

The plan, announced in May, targets at least $1.9 billion in sales, earnings before interest and tax margin growth of nine per cent and the addition of new stores for a total of around 930 by 2030.

"The offer is opportunistically timed during a period of cyclical weakness in the discretionary consumer retail sector," the independent directors said.

Frasers owns the UK-based sporting goods giant Sports Direct, which Accent launched in Australia in 2025 under a partnership.

The initial plan was to roll out 50 stores over six years.

However, that was downgraded in May to eight stores by December, and 30 stores within three years.

The 50-store goal was deferred to an undefined time frame, apparently disappointing Frasers' executives.

When Frasers unleashed its offer on June 15, chief financial officer Christopher Wootton said it had significant concerns about Accent's direction and performance.

"The company's recent financial performance, its capital management, and its approach to future growth has been the catalyst for the decision to launch a takeover offer," he said in a statement.

Frasers owned 22.9 per cent of Accent Group when it made its bid.

The stock was acquired at an average price of 90 cents, according to its most recent stock exchange filing. 

It also has one seat on the board.

Accent dipped by almost one per cent to 73.5 cents in morning trading.