Hugo Boss urges shareholders to reject Frasers Group €2.3bn takeover offer

German luxury fashion group Hugo Boss said its board and supervisory committee recommend that shareholders reject the €38‑per‑share (about £32.40) takeover bid made by the UK‑based Frasers Group, owned by Mike Ashley. The offer values the remaining 73.42% of Hugo Boss at roughly €2.3 billion, which the company says is financially inadequate and far below the market price, with shares trading around €37.89‑38.

Hugo Boss said an independent review, supported by Bank of America and Goldman Sachs, concluded the price "fails to appropriately reflect Hugo Boss’s value and future potential". Frasers Group, already holding about 26% of Hugo Boss, launched the formal offer to comply with German takeover rules that require a 30% shareholder to make an offer for all remaining shares. The board maintains a constructive relationship with Frasers as its largest shareholder, but urges investors to consider the offer’s statutory‑minimum pricing before voting. Shareholders have until 27 July to decide.