Sports Direct owner Frasers Group has made a cash offer to snag the Australian e-commerce site MySale, after becoming its largest shareholder.
Mike Ashley’s retail emporium announced the offer for a 100 per cent stake in the firm on Wednesday morning, at a price of 2p per share.
Frasers presently holds a 28.7 per cent in the London-listed company.
MySale said later on Wednesday that it had not been approached by Frasers before the announcement of the offer.
The online retailer’s share price was down more than 20 per cent on Wednesday afternoon while Frasers’ shares were down by just under one per cent.
It follows Frasers Group inking a deal to acquire fast fashion firm I Saw It First.
Frasers, which is now under the leadership of Ashley’s son-in-law Michael Murray, said it “looks forward to integrating” the brand into its portfolio, especially with recent takeover achievement Missguided.
In recent weeks, Frasers Group has also boosted its stake in luxury German fashion brand Hugo Boss.