// Frasers Group buys more shares in online retailer MySale
// The Sports Direct owner has urged investors to accept its cash offer
Frasers Group has acquired further shares in online retailer MySale as it urges investors to accept its cash offer.
Upon settlement, it will own a total of 580,104,135 MySale shares, representing 55.8% of its issued share capital.
The group, which owns Sports Direct, has purchased a further 65,385,488 shares.
The news comes after Frasers Group acquired Australian luxury footwear brand Sneakerboy as it targets growth Down Under.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Earlier this year, it was revealed that Frasers Group wanted to make an offer for Australian retailer MySale.
Last month, MySale rejected Frasers Group’s cash offer to buy a 100% stake as it “undervalues the business”.
MySale said it believes that Frasers will 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 recommended its shareholders to accept Frasers Group’s offer despite it undervaluing the business.
Frasers Group recently bought the streetwear retailer Sneakerboy out of administration for an undisclosed sum.
Sneakerboy has four stores in Australia, three in Melbourne and one in Sydney.
