LONDON – Hugo Boss said it is “thoroughly examining” an unsolicited takeover offer from Mike Ashley‘s Frasers Group for the stake in the German menswear giant that it does not already own.
Hugo Boss made clear in a statement that Frasers’ cash offer came as a surprise on Wednesday, June 10, after the close of trading. The German company added it would respond with a “reasoned statement, acting in the best interests of the company, its shareholders, employees and customers.”
Frasers, one of Boss’ largest shareholders with a 26 percent stake, is offering 38 euros per share for approximately 74 percent of the company. The offer represents a premium of 4 percent to Boss’ last closing share price of 36.46 euros, and amounts to nearly 2 billion euros.
Frasers said the financing was fully in place.
The British company, owner of retailers ranging from Sports Direct and Flannels to Gieves & Hawkes on Savile Row, described Hugo Boss as a “key brand partner for Frasers, and one of the top five brands across the Frasers Group.”
