MYSALE has called on shareholders to turn down an approach by Mike Ashley's Frasers Group to buy control of the Australian online fashion marketplace.

London-listed firm MySale - which also counts retail entrepreneur rivals Sir Philip Green and Boohoo founder Mahmud Kamani among its investors - saw shares lift on Friday as a result.

The company said Frasers, which is MySale's biggest shareholder with a 28.6% stake, approached the company to purchase the rest of the company for 2p per share, valuing the business at around £14 million.

However, MySale told shareholders it believes the offer is too low, noting that the move is the minimum price Frasers could have offered.

John Lewis 'to forgo profit' to help staff

JOHN Lewis has revealed it slumped to a £99 million half-year loss as it said it opted to “forgo” profit to help staff, customers and suppliers through the cost of living crisis.

The employee-owned retail giant announced a £500 one-off payment to full-time workers, with a pro-rata amount for those working part-time.

New train strikes announced - how will Scotland be affected?

MEMBERS of the Aslef union are set to strike in a dispute over pay, with cross-border trains to be affected and disruption to the Conservative Party conference.

The train drivers' union was due to strike on Thursday but delayed the action after the death of Queen Elizabeth.

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Investors urged to reject Mike Ashley's Frasers Group MySale offerherad