Frasers Group moves closer to MySale takeover

Frasers Group has said that it has received a number of valid acceptances to its mandatory offer of MySale shares, as it continues to slowly edge towards a takeover of the e-commerce site.

In a regulatory filing, the group announced that it now holds over 691 million shares, representing approximately 66.48 percent of MySale’s entire issued share capital.

It noted that it had also received acceptances of the offer in respect of a total of 1,222,981 shares, which represent around 0.12 percent, counting towards its acceptance condition.

The group, which owns the likes of Sports Direct, Flannels and House of Fraser, said it was not aware of any individuals acting in the matter that had interest in or had borrowed or lent any relevant securities.

As the deadline of November 1 approaches, Frasers is making it known that it is coming closer to a takeover of the retailer.

Once the deadline is met, the group said it will “compulsorily” acquire the remaining shares, with the offer having become unconditional on October 18.

MySale initially rejected Frasers cash offer to buy a 100 percent stake in the company last month, stating that it “undervalues the business”.

It reversed its decision later, recommending its shareholders to accept the group’s offer despite its initial concerns.