MySale, the Australian online flash sales fashion platform, has declined an acquisition bid from Frasers Group. The bid, which valued the shares not owned by Frasers Group at £13.6 million and valued all of MySale’s equity at £19 million, was deemed unfair and unreasonable by MySale. Despite already holding a nearly 29% stake in MySale, Frasers Group sought to acquire the rest of the company last month.
In a statement released on Friday, MySale expressed that the offer of 2p per share from Frasers Group did not adequately reflect the value of the company or its potential. The board of MySale has advised shareholders to reject the bid in its current form, and they have personally stated that they will not accept the offer for their own shares.
The rejection of the bid has resulted in the resignation of Carl Jackson, the chairman of MySale. Jackson had been associated with the retailer since 2009 but decided to step down due to conflicts of interest and his significant stake in the company. Although Jackson supported the bid from Frasers Group, his departure from the board is seen as a consequence of the bid’s rejection.
MySale functions as an online platform for flash sales of fashion items, providing discounted prices on a diverse range of brands and products. With the refusal of the Frasers bid and the departure of its chairman, MySale must now chart its course independently. The impact of this development on the company’s future prospects and growth remains uncertain.
[Link 1: MySale website](https://www.mysale.com/)[Link 2: Frasers Group website](https://www.frasersgroupplc.com/)
