Hugo Boss shares jump as it ‘thoroughly examines’ Frasers’ takeover offer

Mike Ashley’s retail group has made near-€2bn bid for the German fashion house, in which it holds a 26% stake Shares in Hugo Boss jumped nearly 10% on Thursday after the company said it would “thoroughly examine” a near-€2bn takeover approach from the Sports Direct owner Frasers Group. Mike Ashley’s fashion and sportswear business has pounced on the German fashion house, in which it already owns just over a 26% stake, saying late on Wednesday that it was offering about €1.98bn (£1.73bn) to take full control . The offer equates to €38 a share in cash, representing a 4.3% premium to Wednesday’s closing price. Hugo Boss shares rose 9.8% to €40.05 on Thursday. Frasers shares fell 2.5% in early trading but then bounced back by 1.6%. Frasers has been steadily building its stake since 2020. Hugo Boss, Germany’s biggest luxury fashion group, generated €4.3bn in sales last year. The growing stake has fuelled years of speculation that Frasers could seek a takeover of the German brand as part of a broader push upmarket. Hugo Boss said late on Wednesday that the approach had not been not coordinated with the company and that its board would review the offer, which valu