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Frasers Group has moved closer to completing its takeover of MySale, having received acceptance for more shares of the Australian marketplace.
The Sports Direct owner currently holds 691,327,967 MySale shares, representing 66.48% of MySale’s entire issued share capital.
As of 26 October 2022 however, Frasers said it owns or has received valid acceptances for 1,222,981 MySale shares, representing approximately 0.12% of the issued share capital.
It comes ahead of next week’s deadline for final offers for the group, with a closing date set for 1 November 2022.
MySale’s directors previously rejected a takeover bid from Frasers Group, whose previous offer to acquire the remaining shares of the Australian marketplace for 2p per share was said to undervalue the business.
Earlier this year, Frasers made a cash offer to acquire a 100% stake in the marketplace for a price of 2p per share in cash, or a value of £13.6m.
At the time, Frasers said it had “ambitions to increase its presence in Australia and the surrounding regions and believes that this can be better achieved via acquisitions than organically”.
Following the offer, the board of MySale rejected the move, noting the offer represents the minimum price Frasers could have offered under the City Code on Takeovers and Mergers.
MySale said it did not consider the offer to be “fair or reasonable”, and therefore recommended its shareholders reject the offer at the time. It later reversed this recommendation, however.
