Frasers Group stands firm on Hugo Boss takeover bid

In the takeover bid for Hugo Boss, major shareholder Frasers Group will not increase its offer. The company announced this in London. The British company has been attempting to take the helm of the German brand since mid-June through a voluntary public offer. It is offering 38 euros per share. Frasers is a retail conglomerate backed by entrepreneur Mike Ashley. According to previous statements, the group holds a direct stake of just over 26 percent in Hugo Boss. The Hugo Boss share price barely reacted to the statement, trading at 37.72 euros on Thursday afternoon, below the offer price.