Frasers Group’s efforts to acquire the online retailer MySale have been rejected as, reportedly, the Group’s £ 14 million bid has been considered too low.
The e-tailer said that the £ 14 million bid was the lowest Frasers Group could have offered.
The Group said that if it takes over MySale, it would help complement its existing offering.
Meanwhile, MySale, reportedly, said that there have been no discussions on commercial collaborations.
It is important to state here that the Group had bought a near 29 per cent stake in MySale back in June 2022.
MySale, which runs in Australia and New Zealand, has seen its current directors recommend the shareholders reject the Frasers’ offer.
Reportedly, the MySale directors are of the view that a price of 2 pence per MySale share does not reflect an adequate value or premium for control of MySale and therefore undervalues MySale and its prospects.
The Mike Ashley-owned Frasers Group, earlier known as Sports Direct International, generated £ 3,957.4 million in 2020.
