Hugo Boss once made brown shirts(纳粹冲锋队制服) for the Nazi Party and uniforms for the Wehrmacht. Before long the German fashion label may be controlled by a Tommy(英国人（俚语）). Last month Mike Ashley, a British retail tycoon, unveiled a €2bn ($2.3bn) cash offer for the 74% of shares in Hugo Boss that he did not already own, subject to regulatory approval(需经监管批准). On July 27th the European Commission gave its clearance(批准，许可) for a deal. Shareholders of Hugo Boss now have until August 13th to decide whether to accept Mr Ashley’s offer.
雨果博斯曾为纳粹党制作褐衫，为国防军制作制服。不久之后，这个德国时尚品牌可能被一个英国人控制。上个月，英国零售大亨迈克·阿什利宣布以20亿欧元（23亿美元）现金收购他尚未持有的雨果博斯74%的股份，但需获得监管批准。7月27日，欧盟委员会批准了这笔交易。雨果博斯的股东现在必须在8月13日前决定是否接受阿什利的要约。
The management and supervisory board(监事会)s of Hugo Boss oppose the deal, arguing that it “does not adequately reflect the company’s value and its future potential”. Many investors seem to agree. Uwe Rathausky, chief executive of GANÉ Investment, a fund manager with a stake in(持有……股份) the fashion label, says that Mr Ashley’s proposal of €38 a share “significantly undervalues(低估价值)” Hugo Boss. Its shares have been trading at €36-37 for most of this year, meaning the premium(溢价) offered is modest.
雨果博斯的管理层和监事会反对这笔交易，认为它“未能充分反映公司的价值和未来潜力”。许多投资者似乎也同意这一点。持有该时尚品牌股份的基金管理公司GANÉ Investment的首席执行官乌韦·拉陶斯基表示，阿什利每股38欧元的报价“严重低估”了雨果博斯。今年大部分时间里，其股价一直在36-37欧元之间交易，这意味着所提供的溢价并不高。
Mr Ashley, however, may be biding his time(等待时机). Under German law, he was required to initiate(发起，启动) a takeover offer once his stake in Hugo Boss passed 30%, as it now has. If the company continues to flounder(挣扎，陷入困境), he will be in a strong position to take it over.
然而，阿什利可能正在等待时机。根据德国法律，一旦他在雨果博斯的持股超过30%（目前已经达到），他就必须发起收购要约。如果该公司继续陷入困境，他将处于有利地位来接管它。