Mulberry Group plc has rejected a takeover bid from Frasers Group plc, which offered 130 pence per share for the remaining stake it does not own. Frasers, which already holds a 37% stake in Mulberry, valued the company at £83 million. Mulberry, backed by majority shareholder Challice Limited, believes the offer undervalues its potential and is focused on a turnaround strategy under new CEO Andrea Baldo. Frasers has until October 28 to make a formal offer or withdraw. The takeover bid follows Mulberry's announcement of a £10.75 million share placement to address financial losses and declining sales. Frasers expressed concerns about Mulberry's financial stability and likened the situation to its previous unsuccessful attempt to save Debenhams.