Australia's largest shoe store chain has branded a takeover attempt by a major British retailer trying to gain more influence over its board as inadequate.
Frasers Group's on-market buy-up offer of 65 cents per share valued The Athlete's Foot, Platypus, and Hype DC owner at $390 million.
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.
