Mulberry Rejects Frasers Group Bid Again

Mulberry's board has unanimously rejected a second takeover bid from Frasers Group, calling the offer of approximately £111 million 'untenable'. This decision follows a statement from Challice Limited, the majority shareholder, asserting it has no interest in selling its shares to Frasers. Mulberry emphasized its focus on improving commercial performance under the leadership of new CEO Andrea Baldo, alongside a recent capital raising effort aimed at strengthening its financial position. The initial bid was rejected earlier this month as well, and Frasers, which holds a 37% stake in Mulberry, has until October 28 to announce a firm intention regarding a possible offer. Frasers has expressed frustration over Mulberry's recent capital raising actions, which they believe undermine their proposal. The luxury brand has reported significant losses, prompting the need for strategic changes and investment.