Frasers Group has made a mandatory offer for online fashion specialist MySale after the rebuffal of earlier interest.
Frasers was required under City takeover rules to make a mandatory offer after building up a stake of 48.5% and will now “seek to acquire additional MySale Shares by means of market or other purchases”.
Earlier this month the MySale board rejected a 2p per share offer from Frasers, arguing that it did not reflect the etailer’s value and prospects, although non-executive chair Carl Jackson said he intended to accept it and resigned.
Frasers said today that it “now intends to seek to acquire additional MySale Shares by means of market or other purchases and in accordance with the Takeover Code.”
It maintained: “Frasers believes that accepting the offer (or otherwise selling MySale Shares to Frasers) will provide MySale Shareholders with the opportunity to achieve an immediate liquidity event. Frasers also believes that a price of 2 pence per MySale Share…reflects a fair valuation.”
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