Two of Best & Less Group’s major shareholders have both accepted the takeover offer by BB Retail Capital.
Allegro Fund III LP and Allegro Services III D Pty Ltd (Allegro) held a 32.43% share in BLG, while Bignor Family Pty Limited (Bignor) - a company associated with Executive Chairman Jason Murray - held approximately 8.27%.
Together, they held 40.7% of the BLG Shares on issue.
The takeover offer is conditional on a minimum acceptance of 55% - inclusive of the 16.45% relevant interest that BBRC already holds.
This means the release of both Allegro and Bignor shares of 40.7% will bump the overall shareholding by BBRC to around 57.15%.
Accordingly, BBRC has given notice under section 630(4) of the Corporations Act 2001 (Cth) that the Minimum Acceptance Condition contained in section 1.7.9(a) of the Bidders Statement has been fulfilled, and therefore, "the Offer and any contract arising from acceptance of the Offer is now free of that condition."
The Offer remains open for acceptance by BLG shareholders until 7.00 pm AEST on June 22, 2023.
BLG shareholders who accept the Offer will be paid the Offer Price per accepted share by the Bidder, BBRC, within seven days of their acceptance now that the Offer is unconditional.
BB Retail Capital is owned by Australian businessmen Ray Itaoui and Brett Blundy. Itaoui and Blundy made a cash off-market takeover offer of all the shares in Best & Less Group for $1.89 per share.