Frasers Group has provided an update on its acquisition attempt of MySale, a move that has been met with resistance from MySale’s board. Despite the rejection, Frasers has managed to acquire more shares in the company. The initial offer made by Frasers was 2p per share on 17 August. However, MySale’s directors argued that this offer did not accurately reflect the true value and control of the company, deeming it an undervaluation of both MySale and its future prospects.

Despite the opposition, Frasers has secured an irrevocable commitment from Jackson Family Capital Pty Limited to sell all of its 103,745,000 MySale shares. These shares were under the control of Carl Jackson, the former non-executive chairman of MySale, who resigned over conflicts of interest. Furthermore, Jamie Jackson has also committed to selling his 62,145,385 shares at the price of 2p each. With these acquisitions, Frasers now holds 481,276,224 shares of MySale, which account for 48.5% of the company’s voting rights.

In addition to the share acquisitions, Frasers is obligated to make a mandatory cash offer for the remaining shares under the Rule 9 of the UK Takeover Code. This rule stipulates that if a company acquires a significant number of shares, it must make an obligatory offer for the other shares. Frasers will continue to seek additional shares through market or alternative purchases in accordance with the Takeover Code. The company has made it clear that it does not intend to raise its offer price and believes that if it acquires shares on the open market, it will not have to pay much more than the original offer price. Frasers asserts that its offer provides MySale shareholders with an immediate opportunity for liquidity and maintains that the offer price is fair.

Additional information and sources:

1. [Link 1]( Provides further insight into the acquisition attempt by Frasers Group and MySale’s board’s rejection of the offer.
2. [Link 2]( Offers analysis of the implications of Frasers’ share acquisitions and the potential impact on MySale’s future prospects.