The outcome of an $86 million takeover bid has been revealed.
US hedge fund Coliseum Capital Partners made a takeover bid for PAS Group in September.
PAS Group operates Metalicus, Review, Marco Polo and Designworks.
Prior to launching the takeover offer, Coliseum had 19.23% shareholding in the Melbourne-based fashion Group.
When the offer closed yesterday, its shareholding had grown 45.8% with ownership of 62.6 million shares.
While the PAS Group board advised shareholders to vote against the takeover, it is now set to work more closely with Coliseum as a key stakeholder.
In a statement to the market, PAS chairman Rod Walker reaffirmed its commitment.
"Coliseum recognise the value potential in PAS’s stable of strong retail brands.
"Since Coliseum became a shareholder in December 2014, they have been extremely supportive of our operations, strategy and management team.
"We believe that PAS will benefit from Coliseum’s significant experience and extensive network of industry contacts.
"We look forward to working more closely with them as a key shareholder. ”