// Frasers Group’s offer for MySale has gone unconditional after passing the 50% control threshold
// It has given investors a deadline of 1pm on 1 November 2022 to accept the offer
Mike Ashley’s Frasers Group has said its offer for Australian retailer MySale was now unconditional after passing the 50% threshold.
In a statement to the London Stock Exchange, this morning the retail giant which owns Sports Direct, Flannels, Jack Wills and more said that as close of business yesterday it has now acquired 524,907,830 MySale shares, representing approximately 50.59% of MySale shares.
This means that its offer for the company has become unconditional and Frasers has given investors a deadline of 1pm on 1 November 2022 to accept the offer, and says it intends to continue to acquire additional MySale shares “by means of market or other purchases and in accordance with the Takeover Code.”
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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.
The news comes after Frasers Group acquired Australian luxury footwear brand Sneakerboy as it targets growth Down Under.
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