Mulberry dismisses Frasers takeover bid as ‘unviable’ Reuters

LONDON (Reuters) – British luxury brand Mulberry on Tuesday rejected a second takeover bid from Mike Ashley’s Frasers Group, calling it “unviable”.

On October 11, Frasers raised its offer to 150 pence per Mulberry share, valuing the brand, best known for its handbags, at 111 million pounds ($144 million).

Mulberry’s largest shareholder, Challice Limited, the vehicle of Singapore-based property tycoon Ong Beng Seng and his wife Christina, which owns 56.4%, said on October 13 that it would not support Frasers’ offer.

Under UK takeover rules, Frasers, which owns 37% of Mulberry, has until October 28 to make a firm offer or pull out.

Mulberry shares closed on Monday at 125p.

($1 = 0.7689 pounds)

!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fb...

Source