Boohoo Urges Shareholders to Reject Frasers Bid

Boohoo is urging shareholders to reject a bid from its largest stakeholder, Frasers Group, led by Mike Ashley, to take control of the company during a general meeting on December 20. Boohoo claims that Frasers' demands, including the appointment of Ashley to the board, are driven by ulterior motives and could destabilize the company's management and financial recovery efforts. The retailer recently reported a 15% revenue decline and a quadrupled pre-tax loss, while also announcing a successful fundraising of over £39 million to strengthen its balance sheet amid ongoing market pressures. Dan Finley, Boohoo's newly appointed CEO, emphasized a strategic review to unlock shareholder value and criticized Frasers for attempting to disrupt this process. Boohoo's board accused Frasers of seeking control for its own benefit rather than the greater good of the company and its shareholders. As tensions rise, Boohoo's response highlights a broader struggle for control and direction within the company.