German fashion group Hugo Boss reported second-quarter operating profit above expectations on Tuesday, despite subdued consumer demand.
British retailer Frasers said on Tuesday that its takeover offer for German fashion house Hugo Boss had become unconditional after winning the European Union's clearance.
Frasers Group is exploring ways to install its chief executive Michael Murray as the CEO of Hugo Boss , The Times newspaper reported on Sunday, as the British company pursues its takeover of the German fashion house.
British retailer Frasers said on Tuesday that it has raised its holdings in Hugo Boss to about 30.28%, crossing a key regulatory threshold in its takeover pursuit of the German fashion house.
Hugo Boss asked its shareholders to reject Frasers Group's $2.2 billion takeover bid, saying it undervalued the German fashion company.
German fashion brand Hugo Boss on Thursday recommended that shareholders do not accept Frasers Group's voluntary takeover offer, saying the British company's offer price of €38 ($43.45) per share was not adequate.
Shares in Hugo Boss rose about 7% on Thursday after Britain's Frasers Group launched a $2.3 billion takeover offer for the German fashion brand.