Frasers Group Abandons £111M Mulberry Takeover Amid Board Rejections

Frasers Group criticized Mulberry's governance after its takeover bid was rejected by the board and major shareholder Challice.

Frasers Group, led by Mike Ashley, withdrew its £111 million takeover bid for luxury brand Mulberry following a series of rejected offers.
Mulberry's largest shareholder, Challice, which holds a 56% stake, opposed the takeover, enabling it to block any deal.
Frasers, which owns a 37% stake in Mulberry, expressed concerns about the company's governance and lack of a commercial plan.
Mulberry's board unanimously decided to focus on improving business performance rather than accepting Frasers' final offer.
Frasers remains a long-term supporter of Mulberry and seeks a seat on its board to influence future decisions.