Frasers Group’s voluntary takeover offer for Hugo Boss has been accepted for about 17.62% of the German fashion company’s shares, bringing the total of accepted shares and Frasers’ existing direct stake to about 47.89% of Hugo Boss.
Frasers launched its voluntary public takeover offer on June 25, offering €38 in cash for each Hugo Boss share it did not already own.
The initial acceptance period ended July 27, followed by an additional acceptance period that concluded August 13.
By the end of that period, shareholders had tendered 12,157,598 Hugo Boss shares, representing approximately 17.62% of the company’s share capital and voting rights.
Frasers already directly held 20,897,361 Hugo Boss shares, representing approximately 30.28% of the company.
Adding those directly held shares to the shares tendered into the offer gives Frasers approximately 33.05 million shares, equivalent to 47.89% of Hugo Boss’ share capital and voting rights.
Frasers also held instruments relating to another 20,809,300 voting rights, equivalent to approximately 30.15% of Hugo Boss.
Including those instruments, the direct holding and shares tendered into the offer, Frasers reported exposure relating to 53,864,259 shares, or approximately 78.05% of Hugo Boss’ share capital and voting rights.
The 78.05% figure does not represent shares Frasers directly owns. It includes voting rights or shares underlying put-option instruments in addition to the direct stake and shares accepted into the takeover offer.
The takeover condition specified in the offer was satisfied on July 27 and Frasers did not waive it.
With that condition satisfied, settlement of the offer is scheduled to occur no later than the seventh trading day following publication of the final acceptance announcement.
