British retailer Frasers said today that its takeover offer for German fashion house Hugo Boss had become unconditional after winning the European Union’s clearance.
Frasers, Hugo Boss’ largest shareholder with an over 30% stake, had launched its voluntary €38 per share cash offer for the Metzingen-based group in June, valuing it at roughly €2 billion.
Hugo Boss has since urged its shareholders to reject the offer, saying it was “financially inadequate”.
The European Commission has cleared the deal, removing the final regulatory hurdle and making Frasers’ offer for Hugo Boss unconditional.
The bid now remains open for Hugo Boss shareholders to accept the offer until August 13.
The acquisition will add to Frasers’ founder Mike Ashley’s retail empire, which includes substantial stakes in ASOS, Puma and Debenhams, among others.
