Frasers to make mandatory cash offer to acquire MySale Group

Frasers Group plc has decided to make a mandatory cash offer to acquire the entire share capital of MySale Group plc at a price of 2 pence per share.

The decision was taken after acquiring 48.5 percent of the company’s stock, including the shareholding of MySale’s former chairman Carl Jackson.

On September 16, 2022, the MySale shareholders rejected the said offer as they felt that a price of 2 pence per MySale share undervalues MySale and its prospects.

On the same date, Carl Jackson resigned from his position as the non-executive chairman of MySale as a result of conflicts arising in his role as a director of MySale with his personal position as a substantial MySale shareholder.

Frasers believes that accepting the offer will provide MySale shareholders with the opportunity to achieve an immediate liquidity event.

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”.