The takeover bid for discount fashion retail brand Best & Less Group (BLG) by BB Retail Capital has been accepted by sufficient shareholders to become unconditional.

BB Retail Capital is a private investment firm owned by Australian businessmen Brett Blundy and Ray Itaoui who made an off-market cash offer of $1.89 per share last month.

The company’s interests are currently controlled by investment group Allegro, which holds a 32.43 per cent share while the Bignor Family, a company associated with Best & Less’ chairman Jason Murray, owns an 8.27 per cent share in the business.

Together, the entities control a 40.7 per cent stake in the company. The takeover bid was conditional on 55 per cent acceptance by Best & Less shareholders, a threshold that has now been reached. All other conditions had earlier been met.

The takeover offer will remain open until 7 pm June 22 during which time all shareholders can opt to sell or hold their stakes.

“BLG shareholders who accept the offer will be paid the offer price per accepted share by the bidder within seven days of their acceptance now that the offer is unconditional,” said the company in a statement.

Best & Less sells a range of “value apparel” for families through a network of 248 stores and also trades online.