// Frasers is set to make another bid for MySale after its former chairman offloaded his stake
// The group said that it believes its offer “will provide MySale Shareholders with the opportunity to achieve an immediate liquidity event”
Frasers Group is set to make a mandatory cash offer to acquire the entire share of Australian online fashion discounter MySale.
The decision was taken after procuring 48.5% of the company’s stock, including the shareholding of MySale’s former chairman Carl Jackson.
On September 16 MySale shareholders rejected a 2p-per-share takeover bid from Mike Ashley’s business that includes Sports Direct and Jack Wills, as they felt it did not “reflect an adequate value or premium for control of MySale and therefore undervalues MySale and its prospects”.
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On the same date, Carl Jackson resigned from his role as the non-executive chairman of MySale due to “conflicts” and his position as a “substantial shareholder” in the business, having supported the Frasers bid.
“Frasers believes that accepting the offer will provide MySale shareholders with the opportunity to achieve an immediate liquidity event,” the company said on Monday.
“Frasers also believes that a price of 2 pence per MySale share for any MySale Share during the 12 months prior to the date of this announcement reflects a fair valuation.”
Frasers also believes that “a price of 2 pence per MySale share during the 12 months prior to the date of this announcement reflects a fair valuation of each MySale share”.