Frasers Group plc continues its acquisition spree.
The company has offered 13.6 million pounds ($16.2 million) to acquire the rest of MySale shares it doesn’t already own. The offer is for 2 pence ($0.002) a share, representing a 60 percent premium to the closing price of 1.25 pence ($0.014) on June 28, when it bought its first stake.
Frasers had acquired a 28.7 percent stake in the Australian-based fashion marketplace platform, which connects global buyers and sellers to Australian and New Zealand e-commerce sites.
The acquisition followed its recent deal for bankrupt Missguided for 20 million pounds ($25.2 million). And last month, Frasers moved more heavily into digital with its acquisition of I Saw It First, which plays in the same space as Fashion Nova. Frasers will be integrating I Saw It First into its the operations of Missguided, which is slated to exit bankruptcy administration and become a standalone business under Frasers this month.
June also saw Frasers take a strategic stake in the common shares of Hugo Boss and an additional stake in the equity shares via the sale of put options, giving the British company an aggregate interest in the German fashion brand totaling 770 million pounds ($932.9 million). Frasers has been increasing its investment stake in the German luxury brand since last year.
As for the MySale offer, Frasers certainly has the financial fire power to do another acquisition. The Group earlier this month completed the sale of certain interests in a number of retail parks for 205 million pounds ($244.5 million). Frasers said at the time that it would use “proceeds of sale towards the working capital of the company and its group operations.”
Mergers and acquisitions activity has been strong in the U.K. in recent weeks.
Brand management firm Authentic Brands Group this week signed an agreement to acquire Ted Baker for $254 million. Next is giving cash-strapped Joules a lifeline by taking a minority stake valued at 15.2 million pounds ($18.2 million). And JD Sports Fashion Plc finally unloaded its Footasylum deal, which failed to clear antitrust concerns, but not without taking an eight-figure loss—$66 million— in the process. The sale for 37.5 million pounds ($46 million) to Aurelium Group is expected to close in the coming weeks.
In addition, Central Group and Signa Holding on Thursday said they have completed the acquisition of Selfridges Group from the Weston family.