// Frasers Group nears takeover of Australian online retailer MySale
// The Sports Direct owner now holds 691,327,967 MySale shares, representing 66.48% of its entire issued share capital
Frasers Group has received some acceptance of its mandatory offer for MySale, as it edges closer to a takeover of the online retailer.
The retail group, which owns brands including Sports Direct, Frasers, Jack Wills and Missguided, now holds 691,327,967 MySale shares, representing 66.48% of its entire issued share capital.
Frasers Group has also received valid acceptances in respect of a total of 1,222,981 MySale shares, representing approximately 0.12%.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
As the deadline of 1pm on 1 November nears, it edges Frasers Group closer to a takeover of the ecommerce retailer.
The closing date for the acceptance of Frasers’ mandatory offer expires next Tuesday, by which time the retailer will “compulsorily” acquire the remaining shares.
Last month, MySale rejected Frasers Group’s cash offer to buy a 100% stake saying it “undervalues the business”.
MySale said it believed that Frasers would be able to “exercise significant control” over the company such as being able to pass and/or block resolutions (as applicable) at any general meeting of MySale.
However, MySale then recommended its shareholders to accept Frasers Group’s offer despite it undervaluing the business.
