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Business
Catherine Furze

Mike Ashley's cheeky 2p per share bid rejected by fashion firm

Mike Ashley Philip Green Newcastle United Newcastle Frasers Group

Former Newcastle United owner Mike Ashley's cheeky bid for fashion firm MySale has been rejected after another clash with ex-BHS and Topshop boss Sir Philip Green.

The Sports Direct and House of Fraser tycoon's 2p per share offer was snubbed as 'materially undervaluing' the business. The board of the Australian company said Ashley's offer was not 'fair and reasonable' and told shareholders to vote against it.

Ashley and Green are the AIM-listed firm's two biggest shareholders, owning a combined 45 per cent of the business. They both bought into the flash-sale specialist when it joined the London Stock Exchange in 2014, but Ashley sold his stake five years later after a rift opened up between the pair. Green held on to his stake, despite its value plummeting, according to Thisismoney.

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