Frasers Group nears MySale takeover

Frasers Group’s takeover of Australian online retailer MySale is nearing completion after it received some acceptance of its mandatory offer for MySale.

The retail group now holds 691,327,967 MySale shares, representing 66.48% of its entire issued share capital.

Sports Direct, Frasers, Missguided and Jack Wills are all owned by Mike Ashley’s group.

Frasers Group has also received valid acceptances in respect of a total of 1,222,981 MySale shares, representing approximately 0.12%.


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The closing data for the acceptance of Frasers’ mandatory offer expires next Tuesday at 1pm. The retailer will then “compulsorily” acquire the remaining shares.

A cash offer put forward by Frasers Group last month to purchase was rejected by MySale, after it was deemed to undervalue the business.

The Australian retailer said it believed Frasers would be able to exercise significant control over the company, such as being able to pass and block resolutions (as applicable) at any general meeting of MySale.

Despite this, MySale shareholders were recommended to accept Frasers Group’s offer despite the undervaluation.

CompaniesNews

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