MySale is set to be snapped up by Mike Ashley’s Frasers Group after it performed a U-turn to back his £19million takeover bid.

The Australian fashion group said Ashley’s 48.48 per cent stake means he is in ‘effective control’.

And despite maintaining his 2p per share offer still ‘materially undervalues’ MySale, the board unanimously recommended shareholders vote for it. 

Takeover deal: Australian fashion group MySale said Mike Ashley's 48.48% stake means he is in 'effective control'

Takeover deal: Australian fashion group MySale said Mike Ashley's 48.48% stake means he is in 'effective control'

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

It warned that if Ashley is rejected he will still have ‘significant control’ over the company.

MySale, which buys excess stock in Europe and sells it cheaply in Australia, New Zealand and South East Asia, had sought to fend off the tracksuit tycoon. 

Frasers, which owns Sports Direct, House of Fraser and Evans Cycles among others, bought a 28.7 per cent stake in July.

A month later it embarked on a full takeover bid, at 2p a share. That pitted Ashley against arch-rival Sir Philip Green, MySale’s second-largest shareholder.

The takeover looked increasingly likely after MySale’s founders backed it, agreeing to sell their shares to Frasers.

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#af1e1e; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#004db3; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .dealFooter {display:block; float:left; width:100%; margin-top:5px; background-color:#e3e3e3 } #fiveDealsWidget .footerText {font-size:10px; margin:10px 10px 10px 10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

This post first appeared on Dailymail.co.uk

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

I won incredible £1m lottery jackpot after ‘glitch’ but only pocketed £10 – I took Camelot to court to get my prize

A WOMAN who won an incredible £1million lottery jackpot after a “glitch”…

Bollywood giant Eros Media World agrees to pay overdue interest

Bollywood giant Eros Media World has agreed to pay overdue interest to…

Little known way to get half price travel if you’re claiming Universal Credit

A LITTLE known way means those claiming Universal Credit could cut their…

Savings accounts: Half of Britons don’t have one

A large chunk of Britons savers are Ostrichs who bury their heads…