Frasers Group tables all-cash offer for Australian rival MySale

Frasers Group tabled an all-cash offer for its smaller Australian rival MySale in a bid to grow its presence Down Under.

The 2.0p per share offer valued the shares of MySale that it did not already own at £13.6m.

Roughly a month and a half before, Frasers had purchased a 28.7% stake in MySale, turning it into the smaller company's largest shareholder.

Nevertheless, the offer price represented a 25.7% discount to MySale's closing share price on 16 August, although it was also 60% higher than that on 28 June, when Frasers had raised its stake.

The offer price was final and would not be raised, Frasers said in a statement, although it reserved the right to do so should a third party table a bid or announce its intention of possibly doing so.