The British trading group Frasers Group Plc has successfully completed its planned takeover of the Australian e-commerce specialist MySale Group Plc. Upon expiry of the offer period on November 1, Frasers was able to increase its block of shares to approximately 95.35 percent of MySale’s issued share capital or received valid acceptances that count towards meeting the acceptance condition.
The group of companies, which includes retail chains such as Sports Direct, House of Fraser and Flannels as well as clothing brands such as Jack Wills and Missguided, announced in August that it wanted to take over MySale completely and submitted a binding purchase offer to shareholders in early September.
Management at MySale initially dismissed the offer of two pence per share as too low, but then changed their minds after the Frasers Group had already secured almost half of the shares in mid-October. In view of the new ownership structure, the MySale board of directors recommended that all shareholders accept the takeover bid.
The group now intends to compulsorily acquire the remaining shares on the same terms as in the mandatory offer.