What: Frasers has recently received an irrevocable commitment to acquire 103,745,000 MySale shares from the former non-executive chairman of MySale after he quit his position due to conflicts of interest.

Why it is important: Frasers is eyeing 481,276,224 MySale shares representing 48.5% of voting rights. Because the company is listed on the London Stock Exchange, the UK Takeover Code’s rules apply meaning Frasers is required to make a mandatory cash offer for the shares not held by it or ‘any persons acting in concert with it’.

Frasers will likely buy on the open market which is trading only marginally above its original offer price of 2p per share.

In addition to acquiring the entire holding controlled by the former non-executive chairman Carl Jackson, Frasers has also received an irrevocable commitment from Jamie Jackson for 62,145,385 shares.

Frasers to make mandatory cash offer for MySale takeover