Frasers Group Withdraws Mulberry Takeover Bid

Mike Ashley's Frasers Group has withdrawn its bid to take over Mulberry, criticizing the luxury handbag maker's management and financial position. Despite holding a 37% stake, Frasers abandoned the takeover attempt after Mulberry's largest shareholder, Challice, which owns 56%, rejected the offers. Frasers had increased its offer to £111 million, but Mulberry's board labeled the proposal 'untenable' and focused on improving commercial performance instead. Frasers expressed concerns about Mulberry's governance and financial difficulties, suggesting a need for more cash fundraising. The withdrawal follows Frasers' repeated requests for a board seat at Mulberry, aiming to influence the company's strategy. Mulberry's shares have since dipped slightly amidst this corporate maneuvering.