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Frasers Group is stepping up the pressure on Hugo Boss: the British retailer is exploring the possibility of appointing its CEO, Michael Murray, as the new CEO of the German fashion company, for which it has made a takeover bid.
No higher bid yet
Michael Murray, CEO of Frasers and son-in-law of owner Mike Ashley, already serves on Hugo Boss’s supervisory board. According to The Times, Frasers now wants to have its top executive appointed as CEO of the fashion company as well. That would give Frasers more control over the premium fashion brand.
Frasers, which launched a takeover bid for Hugo Boss in June, has since increased its stake in the company to approximately 30.28%, triggering the threshold for a mandatory public offer under German takeover laws. However, although Hugo Boss’s board is asking its shareholders not to accept the offer, claiming it is not high enough, Frasers is not raising it for the time being.
Frasers and Hugo Boss have not yet responded to the reports.
