The British trading group Frasers Group Plc has taken a further step in the planned takeover of the Australian e-commerce specialist MySale Group Plc. On Monday, the company announced that after further acquisitions in the past few days, it now controls almost 55.8 percent of the MySale shares directly or through financial instruments. At the same time, the retailer confirmed its intention to acquire more shares.
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.
MySale management initially dismissed the offer of two pence a share as too low, but changed their minds last week after Frasers Group had already secured almost half of the shares. In view of the new ownership structure, the MySale board of directors now recommends that all shareholders accept the takeover offer.
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