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(Sharecast News) - Frasers Group's 2bn takeover tilt for Hugo Boss has been given the green light by Brussels, the British retailer confirmed on Tuesday, making the offer unconditional.
Mike Ashley's Frasers, the fashion house's biggest stakeholder, offered 38 per Hugo Boss share in June, valuing the Germany company at around 2bn. A premium of just 4.3% to the share price when it was announced, Hugo Boss has since urged its shareholders to reject the approach as "financially inadequate".
Frasers, however, has continued to build up its holding, and last week acquired 2.55m more shares, taking the stake up to 30.8%.
In a brief update on the campaign on Tuesday, the owner of Sports Direct, House of Fraser and Evans Cycles, among others, confirmed that the European Commission had granted merger control clearance, making the offer unconditional.
The bid receiving merger control clearance was a condition of it going unconditional.
Shareholders have until 13 August to accept the offer.
Huge Boss has yet to comment on the update.
As at 1115 BST, Frasers was up 1% at 787.5p, while Hugo Boss was broadly unchanged.
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