Frasers Group’s offer for online retailer MySale has gone unconditional after passing the 50% control threshold.
Frasers Group, which owns Sports Direct as well as department stores and a raft of brands, said that as of close of business yesterday it either owned or had received valid acceptances equating to 50.59% of MySale shares.
Frasers said that if it controls less than 90% of MySale shares by November 1, it will “acquire compulsorily” the remaining MySale shares on the same terms as already set out through a recommended mandatory offer.
If it holds 75%, Frasers will consider applying for the cancellation of the etailer’s shares trading on AIM where it is listed.
Frasers originally made an offer for MySale – where it was already the largest shareholder with a 28.7% stake – last summer.
As well as increasing Frasers’ presence in Australia, the retailer said that ownership of MySale would help achieve overseas ambitions more generally as it looked at “the potential for further international expansion through acquisitions, joint ventures and organic openings”.
Frasers’ interest in MySale was rebuffed, but its offer has the support of founding Jackson family members.
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