Accent Group (ASX:AX1) suitor Frasers Group filed a supplementary bidder's statement saying that Accent had no "reasonable" basis to make undervalue statements in relation to Frasers' takeover offer for the company, according to a Monday Australian bourse filing.

Frasers said that Accent's first supplementary target statement does not actually address the substance of its concerns.

This included that the target statement's "materially inadequate" valuation of Frasers' takeover offer rested on "the aspirational 2030 Strategic Growth Plan" with targets around four years away that are not earnings forecasts and which are unsupported by any fiscal 2027 or fiscal 2028 earnings guidance or bridge, according to Frasers.

It also said that the "discount to value being touted by Accent conveniently used only selective, long- dated VWAPs, while excluding the shorter windows," which reflected more recent events.

Frasers further said it has serious concerns about Accent's fiscal 2026 and fiscal 2027 results, and that Chair Lawrence Myers should step down.