Hugo Boss urges shareholders to reject Frasers’ ‘inadequate’ bid

Frasers, which owns about 26% of Hugo Boss, launched the bid to raise its stake above 30% — the threshold at which German regulations require it to make ​a full takeover offer to other shareholdersThe offer price is "less a statement of ​valuation and more ⁠the mechanical extension of an accumulation strategy", Citi said in a note.3% to the share price when it was announced — reflected the legally required minimum price for Frasers to raise its stake ​rather than Hugo Boss' intrinsic value or potential"Hugo Boss has a well-defined strategy, a strong financial profile, ​and a compelling path to superior long-term value creation," CEO Daniel Grieder said in ⁠a statement."While Hugo Boss' management ⁠successfully held ​the line today, the pressure has intensified on CEO Daniel Grieder ​to demonstrate that the 'Claim 5 Touchdown' strategy can restore both top- and bottom-line growth in an increasingly volatile retail environment," Dennl said.