Frasers edges closer to MySale takeover
Frasers Group has inched further towards a takeover of My Sale, after snaring a 50 per cent stake in the Australian e-commerce firm.
The Sports Direct owner upped its stake in the business, after snaring 100,000,000 MySale shares from investment firm Jackson Family Capital and 62,145,385 MySale shares from former vice-chairman and founder of the retailer Jamie Jackson.
Last month, MySale shareholders rejected a 2p-per-share takeover bid by Frasers on the grounds that it undervalued the firm.
The House of Fraser owner has also piled on pressure on shareholders with existing stock in MySale to accept its lowball offer.
The retailer has has floated the idea of de-listing MySale from the alternative investment market (AIM) if its offer to buyout the company isn’t accepted
Frasers has climbed back into London’s flagship FTSE 100 index in recent weeks under the leadership of Michael Murray, who took over from his father-in-law and founder Mike Ashley.
The fashion group, which also owns Sports Direct, has pushed through a flurry of acquisitions in recent months – including fast fashion firm Missguided – in recent months in a bid to diversify its portfolio of brands.