Mike Ashley's retail empire has launched a takeover offer for fashion brand Hugo Boss.
Frasers Group, which includes Sports Direct and Game within its network of brands, was already the German fashion firm's largest shareholder ahead of the bid.
Frasers said its offer amounted to €38 per share for the stock it did not already own, placing a value for those shares at €1.98bn (£1.73bn).
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Hugo Boss shares were trading just above €36 at the close of business in Frankfurt, before the UK-based firm made its announcement.
It currently owns just above 26% of Hugo Boss and said it expected the deal, if accepted and cleared by regulators, to close in the second half of this year.
Hugo Boss has so far not commented on the proposal, which offered a total premium of 4.3% to Wednesday's closing price.
Frasers suggested in its statement that it was not looking to rock the boat.
"Hugo Boss is a key brand partner for Frasers, and one of the top five brands across the Frasers group", the company said.
"Frasers is a long-term investor in Hugo Boss and remains supportive of both Stephan Sturm, the chair of the supervisory board, and Daniel Grieder, Chief Executive Officer, in pursuit of their sustainable growth strategy whilst continuing to build brand equity.
"Frasers' board of directors believes that increasing Frasers' investment in Hugo Boss will create value for Frasers' shareholders."
Speculation has been rife for years that the German fashion brand was in Frasers' sights.
It first took a stake in 2020 and its chief executive, Michael Murray, is on Hugo Boss's supervisory board as a result of its investment.
Frasers said that because of that conflict of interest, Mr Murray "did not participate in the board's discussion of, or decision to make, the offer".
(c) Sky News 2026: Sports Direct owner launches takeover offer for Hugo Boss
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