Frasers Group buys more MySale sales, urges shareholders to accept takeover

Frasers Group has further increased its stake in Australian fashion marketplace MySale as it urged the company’s shareholders to back its takeover offer.

The group said Monday it has acquired 100,000,000 MySale shares from Jackson Family Capital and bought 62,145,385 shares from founder and chair Jamie Jackson.

It has also swapped its interest in contracts for difference into 1,400,000 shares and acquired 13,161,748 shares “by means of market or other purchases”.

Last month, Frasers Group made a mandatory cash offer to acquire the entire share capital of MySale Group at a price of 2 pence per share.

Mysale directors rejected the takeover bid, saying it did not “reflect an adequate value or premium for control of Mysale and therefore undervalues Mysale and its prospects”.

Frasers Group urged Mysale shareholders on Monday to accept the takeover offer, and warned it could de-list the company from the stock exchange even if the takeover isn’t accepted.