Frasers Reaches 48% of Hugo Boss Despite Board's Unanimous Rejection of Bid

Frasers Group now holds 48% of Hugo Boss after 17.6% of shareholders accepted its EUR 38-per-share takeover offer, which the board unanimously rejected as "inadequate." The offer carried only a 4% premium. Analyst Axel Rudolph called it "another major step towards gaining control," putting Frasers "firmly in the driving seat."