Frasers Group Increases Mulberry Takeover Bid

Frasers Group, led by Mike Ashley, has submitted a revised takeover bid for Mulberry, increasing its offer to 150 pence per share, valuing the company at £111 million. This comes just days after Mulberry's board rejected Frasers' initial offer of £83 million, which was deemed insufficient to reflect the luxury brand's future potential. The major shareholder of Mulberry, Challice, which holds 56.1% of the company, has expressed no interest in selling its shares or engaging further with Frasers, citing that it's an 'inopportune time' for a sale. Frasers currently owns over 37% of Mulberry and has until October 28 to make a firm offer or withdraw. The company has raised concerns about Mulberry's recent emergency funding round, suggesting it may not meet the brand's financial needs in the near term. The outcome of this bidding war will significantly impact both companies' futures in the competitive luxury market.