Mulberry rejects fresh bid from Mike Ashley’s Frasers Group as ‘untenable’
by Julia Kollewe from World news | The Guardian on (#6RN5V)
Frasers had raised its offer from 130p to 150p a share, valuing the British luxury handbag maker at 111m
The British luxury handbag retailer Mulberry has rejected an increased 111m bid from Mike Ashley's Frasers Group, describing it as untenable.
Frasers, which already owns 37% of the company, increased its offer to 150p a share on 11 October from 130p, which had valued Mulberry at 83m. However, the retailer's biggest shareholder, Challice, a group controlled by the Singaporean entrepreneur Christina Ong and her husband, was quick to rebuff the proposal, saying it had no interest in selling its shares. Challice's 56% stake means it can block any deal.
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