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Frasers walks away after latest bid for Mulberry is rejected
The Guardian
|October 24, 2024
Mike Ashley's Frasers Group has criticised the management of Mulberry as it walked away from its attempts to take over the luxury handbag maker after a series of rejected offers.
Frasers, which is Mulberry's second-largest shareholder with a 37% stake, had made several offers for the fashion brand, culminating in a £111m bid this week, all of which have been rebuffed.
Mulberry's largest shareholder, Challice, a group controlled by the Singaporean entrepreneur Christina Ong and her husband, had previously said it had no interest in selling its shares. Challice has a 56% stake, meaning it is able to block any deal.
In its final bid, Frasers, which owns the Sports Direct chain, offered 150p a share on Tuesday. This was rejected by Mulberry's board.
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