British luxury brand Mulberry has rejected a second takeover proposal from Mike Ashley’s Frasers Group, labeling the offer as “untenable.”
On October 11, Frasers Group raised its bid to 150 pence per Mulberry share, valuing the renowned handbag brand at £111 million ($144 million). However, Mulberry’s largest shareholder, Challice Limited, a holding company owned by Singapore-based property tycoon Ong Beng Seng and his wife Christina, which controls 56.4% of the company, stated on October 13 that it would not support Frasers’ proposal.
Frasers Group, which already holds a 37% stake in Mulberry, has until October 28 to either submit a firm offer or withdraw under UK takeover regulations.
Mulberry’s shares closed at 125 pence on Monday.
