MySale in U-turn after backing £19m takeover offer from Mike Ashley’s Frasers Group

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MySale is about to be taken over by Mike Ashley’s Frasers Group after it made a U-turn to back his £19m takeover bid.

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The Australian fashion group said Ashley’s 48.48% share means he is under “effective control”.

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And while his 2p-per-share offer still “significantly undervalues” MySale, the board unanimously recommended that shareholders vote for him.

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Takeover deal: Australian fashion group MySale says Mike Ashley’s 48.48% stake means he is under ‘effective control’

He warned that if Ashley was rejected, he would still have “significant control” of the company.

MySale, which buys excess inventory in Europe and sells it cheap in Australia, New Zealand and Southeast Asia, has been looking to fend off the tracksuit mogul.

Frasers, which owns Sports Direct, House of Fraser and Evans Cycles, bought a 28.7% stake in July.

A month later, the company filed for a full takeover bid at 2p per share. This pitted Ashley against bitter rival Sir Philip Green, MySale’s second-largest shareholder.

A takeover looked increasingly likely after the founders of MySale backed it up by agreeing to sell their shares to Frasers.

Credit: www.thisismoney.co.uk /

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