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.
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