Frasers Group offers €38 a share for Hugo Boss

The British retail group Frasers Group (already a major shareholder) announced a cash tender offer to Hugo Boss shareholders at €38.00 per share on 10 June 2026. Update 9 Jul 2026: Hugo Boss's management and supervisory boards unanimously rejected the €38-per-share offer as inadequate; the acceptance period continues. Follow-up: on 22 July 2026 Frasers raised its stake to 30.28% by buying 2.55m shares, crossing the 30% threshold of the German takeover act — the voluntary offer effectively becomes a mandatory offer, the price stays at €38 per share with the deadline of 27 July; the management board maintains its recommendation to reject. Follow-up 27 July 2026: the European Commission granted merger control clearance for the takeover, satisfying the last regulatory condition and making the offer unconditional. The acceptance period therefore runs until 13 August 2026. The offer values the outstanding shares at around €1.93bn and the group at just under €2.7bn; the management and supervisory boards maintain their recommendation to reject it. Follow-up 31 July 2026: only around 7.30% of Hugo Boss shares were tendered during the initial acceptance period. Together with its existing holding this brings Frasers to roughly 37.6%; the additional acceptance period runs from 31 July to 13 August 2026. Update (16 Sep 2026): On 15 Sep 2026 the supervisory board elected Frasers CEO Michael Murray as its new chairman, succeeding Stephan Sturm, who had resigned; Frasers now holds two seats on the board (FashionUnited, 16 Sep 2026: https://fashionunited.de/nachrichten/personen/hugo-boss-frasers-ceo-michael-murray-ist-neuer-aufsichtsratsvorsitzender/2026091668536). Update (23 October 2026): after a €7.6m purchase Frasers now holds 50.8% of Hugo Boss and has an interest in up to a further 21.87% through sold put options; Hugo Boss thus becomes a subsidiary consolidated by Frasers (AJ Bell, 23 October 2026).