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Frasers Group PLC (LSE:FRAS) has declined to give financial guidance for the year ahead, saying its takeover offers for Hugo Boss and Accent Group could lead to a variety of outcomes depending on acceptances. The retailer recently launched a £1.7 billion bid for Hugo Boss, the German fashion house in which it holds a 26.1% stake, and an on-market offer of £166 million for Australian footwear retailer Accent Group.

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.

RBC Capital Markets has downgraded Frasers Group PLC (LSE:FRAS), the Sports Direct owner, to Underperform from Sector Perform. The broker said the risk and reward on the stock has turned less favourable after a strong rally in the shares.

Frasers Group PLC (LSE:FRAS), the retail conglomerate behind Sports Direct has launched an all-cash takeover offer for Accent Group that values Australia's largest footwear retailer at £166 million. The deal follows hard on the heels of the retail giant's £1.7 billion offer for Hugo Boss, the German fashion giant.