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Frasers Group seeks full control of MySale

Frasers Group has tabled a “mandatory” cash offer to gain full control of Australian fashion marketplace MySale, at two pence per share.

The UK retail company currently holds 48.5 per cent of the online retailer’s stock as well as the shareholding of MySale’s former chairman, Carl Jackson — who resigned from his position as a result of conflicts arising in his role.

Early this month, MySale shareholders rejected an offer made by Frasers as they felt the bid “undervalues MySale and its prospects”.

However, Frasers believes that the offer will provide MySale’s shareholders with an opportunity to achieve immediate liquidity.

If the takeover bid is accepted, the deal would be Frasers’ fourth e-commerce acquisition this year. 

Founded in 2007, MySale currently operates retail websites in four markets – Australia, New Zealand, Singapore and Malaysia – with its sites Oz/Sale, NZ/Sale, My/Sale and Sing/Sale.

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