Hugo Boss shares jumped 6% on Thursday after its largest shareholder, Frasers Group announced a 2 billion euro takeover offer for the German fashion company.
Frasers, which owns a 26% stake in Hugo Boss, announced late Wednesday that it was offering 38 euros per share in cash for the remaining Hugo Boss shares, representing a total consideration of 1.978 billion euros ($2.28 billion). The offer represents a premium of approximately 4% to Hugo Boss’ closing price on Wednesday.
Hugo Boss stressed that the offer had not been coordinated by the company and added that it would “thoroughly examine” the deal.
Frasers said he remained supportive of Hugo’s sustainable growth strategy as well as the company’s CEO Daniel Grieder and chairman of the supervisory board Stephan Sturm.
The “modest” premium is expected to limit stake building while fueling speculation that a higher offer could eventually materialize, Citi analysts said in a note published Wednesday. “We expect a moderate rise in stock prices in the near term,” they said.
Frasers said it expects the deal, which is subject to regulatory approvals, to be completed in the second half of 2026.
This is breaking news. Please refresh for updates.