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Frasers Group acquires further MySale shares

Sophie Smith
17 October 2022

Frasers Group, owner of Sports Direct and House of Fraser, has acquired further shares in Australia-based MySale Group and urged investors to accept its cash offer.

The group, which was founded by Mike Ashley but now run by his son-in-law Michael Murray, has purchased a further 65,385,488 shares. Upon settlement, it will own a total of 580,104,135 MySale shares, representing 55.8% of its issued share capital.

On 17 August 2022, Frasers Group announced its intention to make an offer for the entire issued ordinary share capital of MySale Group not already owned by Frasers at a price of 2p per MySale share.

Last month, MySale rejected Frasers Group's cash offer to buy a 100% stake as it "undervalues the business".

On the same date, Carl Jackson resigned from his position as the Non-executive Chairman of MySale due to "conflicts arising in his role as a director of MySale with his personal position as a substantial MySale Shareholder" and informed the board of MySale that he intended to accept the Frasers Group's offer.

On 26 September 2022, Frasers Group moved closer to acquiring MySale after a major shareholder in the online fashion marketplace made an “irrevocable commitment” to sell 103,745,000 shares to the retail group.

On 3 October, the group acquired 100,000,000 MySale shares from Jackson Family Capital and purchased 62,145,385 MySale shares from the brand's Founder and Chairman, Jamie Jackson.

The news comes after Frasers Group acquired Australian luxury footwear brand, Sneakerboy. The group also recently acquired a  4.54% stake in N Brown Group.

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