Frasers Group, the U.K.-based parent of Sports Direct, launched a €2 billion ($2.31 billion) takeover offer for German fashion brand Hugo Boss AG. Frasers, the biggest shareholder in Hugo Boss, is offering €38 per share in cash for the remaining shares, representing a 4.3 percent premium to the €36.44 closing price of Hugo Boss stock on Wednesday, June 10, bringing the deal’s valuation to €1.978 billion. Including shares Frasers already owns, the offer prices Hugo Boss’ total company valuation at roughly €2.7 billion ($3.1 billion). Hugo Boss has been struggling with declining sales and set out a new strategy six months ago ​to revamp stores, streamline its product range and offer more womenswear. Its shares are trading at around half their value from three years ago.