Frasers edges closer to MySale takeover as Made ends sale process

No comments

Frasers has received some acceptance of its mandatory offer for MySale.

The retail group, which owns brands including Sports Direct, Frasers, Jack Wills and Missguided, now holds 691,327,967 MySale shares representing approximately 66.48% of its entire issued share capital.

Frasers has also received valid acceptances in respect of a total of 1,222,981 MySale shares, representing approximately 0.12% – edging it closer to a takeover by November 1.

The closing date for the acceptance of Frasers’ mandatory offer expires at 1pm next Tuesday, by which time the retailer will “compulsorily” acquire the remaining shares.

The news comes as Made.com confirmed the termination of its formal sale process.

Made.com said there is “no reasonable prospect that an offer for the issued and to be issued share capital of the company will be forthcoming”.

The embattled homewares retailer reported earlier this week that talks with potential bidders had dissolved.

It said in a statement: “The board at Made will continue to look to preserve value for its creditors and shareholders as part of the ongoing strategic review and a further update will be made as and when appropriate.”