(Alliance News) - Frasers Group PLC on Tuesday said its MySale Group PLC offer is now unconditional, as it ups its stake in the Australian-based fashion marketplace to 51%.
Following further share purchases, Department store operator Frasers said it now either owns or has received valid acceptances for 526.1 million shares in MySale, representing 51% of the company's share capital.
Of these shares, 1.2 million represent received valid acceptances, around 0.1% of MySale's share capital.
Based on this, Frasers said that its MySale takeover offer is now unconditional.
It added that it intends to continue to acquire additional MySale shares in accordance with the Takeover Code.
The mandatory takeover offer deadline in now November 1.
Frasers said it will cancel MySale shares from trading on London's AIM if it hits 75% of the company's share capital.
Further, if it acquires 90% or more of the MySale shares, Frasers intends to acquire compulsorily the remaining shares on the same terms as the recommended mandatory offer.
In June, Frasers acquired just shy of a 29% stake in MySale. In August, Frasers announced its intention to take full ownership of MySale for 2 pence per share, which valued the company at GBP20.8 million. On September 2, it published its offer document which was subsequently rejected by the directors of MySale on September 16 because they felt the price per share undervalued the company.
Last Wednesday, MySale reluctantly recommended Fraser's takeover offer to shareholders, after Frasers disclosed a blocking shareholding in MySale.
Shares in MySale were untraded at 2.00 pence each in London on Tuesday around midday. Frasers was up 0.3% at 660.00p.
By Sophie Rose; sophierose@alliancenews.com
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