Mulberry Rebukes Frasers Group's £111M Takeover Bid

The luxury brand's board and majority shareholder Challice reject the increased offer, citing strategic focus on growth.

Mulberry's board unanimously rejected Frasers Group's second takeover bid, deeming it 'untenable' and a distraction from the company's growth strategy.
Challice, Mulberry's majority shareholder with a 56% stake, has no interest in selling and can block any deal, reinforcing the board's decision.
Frasers Group, led by Mike Ashley, increased its offer from £83 million to £111 million, aiming to secure the upscale brand amid its financial struggles.
Mulberry reported a pre-tax loss of £34 million and a significant drop in sales, prompting a recent capital raise supported by both Challice and Frasers.
Under UK takeover rules, Frasers has until October 28 to make a firm offer or withdraw its interest, leaving the future of the takeover uncertain.