Frasers sweetens takeover bid for Mulberry to 150 pence per share (updated)

Mulberry

11/10/2024 19:02

(Adds details about prior offer in para 2, Fraser's buying
Mulberry shares in para 3)
       Oct 11 (Reuters) - British sportswear and apparel
retailer Frasers Group  FRAS.L  revised its takeover bid for
Mulberry  MUL.L  to 150 pence per share on Friday, valuing the
company at 111 million pounds ($145.11 million).
    Mulberry's second-largest shareholder Frasers increased the
bid after the luxury brand rejected its initial offer of 83
million pounds saying it undervalued the company.
    Loss-making Mulberry, known for its luxury handbags and
belts, had also cited lack of support from its top investor
Challice as one of the reasons for rejecting the previous offer.
    Last Friday, Frasers said it plans to acquire about 4
million shares in Mulberry at 100 pence each, which would
slightly raise its stake in the company to between 36.9% and
37.3%.
    Under UK takeover rules, Frasers has until Oct. 28 to make a
firm offer for Mulberry or walk away.
    Mulberry was not immediately available for a comment.
    
($1 = 0.7649 pounds)

 (Reporting by Raechel Thankam Job; Editing by Krishna Chandra
Eluri)
 ((RaechelThankam.Job@thomsonreuters.com;))