Mulberry Group is expected to rebuff renewed attempts by Frasers Group to takeover the struggling retail brand.<\/p>\n
Sports Direct owner Frasers Group, which has built a portfolio of distressed brands, put forward terms for an updated offer on Friday.<\/p>\n
Its 150p-per-share proposal was 15% higher than its first approach and would see Frasers pay \u00a372m for the shares that it doesn’t own. Frasers has built a 37% stake in the business.<\/p>\n
However majority shareholder Challice, which owns 56% of Mulberry, has said it “has no interest in either selling its Mulberry shares to Frasers or providing Frasers with any irrevocable or other undertaking”.<\/p>\n
Mulberry itself has acknowledged Challice’s statement and said its board is “working with advisers to consider the company’s position”.<\/p>\n
Frasers is required to confirm if it intends to make an offer or not by October 28.<\/p>\n
Frasers has expressed its frustration that Mulberry raised \u00a310m at 100p-per-share earlier this month, but blocked the 130p-per-share proposal days later.<\/p>\n
It said: “Despite…Mulberry’s catastrophic results, its necessity for emergency funding and difficult market backdrop, Frasers strongly believes it can provide the appropriate insulation and investment to support a much-loved British brand.<\/p>\n
“As part of the Frasers portfolio, the Mulberry brand would be provided with the platform to ensure its long-term survival and success.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Gap between two largest shareholders in retail brand widens despite revised proposal<\/p>\n","protected":false},"author":18,"featured_media":5211,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,47995],"coauthors":[81],"class_list":["post-16814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-retail","tag-top-story"],"yoast_head":"\n