Mulberry Rejects Frasers Group Takeover Bid

Mulberry's majority owner, Challice Ltd., has firmly rejected an increased £111 million takeover bid from Mike Ashley's Frasers Group, stating a lack of interest in selling its shares and urging Frasers to abandon its pursuit. Frasers' revised offer of 150p per share follows an earlier bid of 130p, which Mulberry also declined amid financial struggles, including a reported £34 million loss. Challice, which holds a 56.4% stake in the brand, emphasized that without its support, any takeover attempt by Frasers would fail. The majority owner described the timing of Frasers' bid as 'inopportune' and reiterated its commitment to supporting Mulberry's turnaround efforts. Furthermore, Frasers must submit a firm offer or withdraw by October 28, 2024, per stock exchange rules. This marks the second rejection from Challice in less than two weeks, as it seeks to stabilize Mulberry's operations after recent financial challenges.