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Frasers Offers To Buy Remaining Stake In MySale For 2 P/Share In Cash

British retailer Frasers Group Plc (FRAS.L) announced Wednesday a cash offer to acquire the remaining stake in MySale Group plc (MYSL.L) not already held by Frasers at a price of 2 pence per MySale Share. The offer values the entire MySale not currently held by Frasers Group at approximately 13.6 million pounds.

In London trading, MySale shares were losing around 26 percent.

The offer represents a 25.7 percent discount to the closing price of 2.69p per MySale Share on August 16, being the last Business Day prior to the date of this Announcement.

Frasers is MySale's largest shareholder with 28.7 percent stake. Since the disclosure of Frasers Group's acquisition of this further stake, the market price of MySale Shares has increased.

Based on the closing price of 1.25p per MySale Share on June 28, being the day prior to the date of acquisition by Frasers Group of its existing holding of MySale Shares, the offer represents a 60 percent premium.

Frasers now said the Offer of 2 pence in cash for each MySale Share is final and the offer price will not be increased. The company reserves the right to increase the offer price if there is an offer or a possible offer for MySale by a third party offeror or potential offeror.

In London, Frasers shares were trading at 900 pence, up 0.22 percent, while Mysale shares were trading at 1.99 pence, down 25.87 percent.

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