Mulberry rejects Frasers' takeover proposal as 'untenable' (updated)

Mulberry

22/10/2024 07:47

(Adds detail in paragraphs 3-5)
       LONDON, Oct 22 (Reuters) - British luxury brand Mulberry
 MUL.L  on Tuesday rejected a second takeover proposal from Mike
Ashley's Frasers Group  FRAS.L , calling it "untenable".
    Frasers on Oct. 11 had raised its proposal to 150 pence per
Mulberry share, valuing the brand, best known for its handbags,
at 111 million pounds ($144 million).
    Mulberry's biggest shareholder, Challice Limited, the
vehicle of Singapore-based property tycoon Ong Beng Seng and his
wife Christina which owns 56.4%, said on Oct. 13 that it would
not support Frasers' proposal.
    Under UK takeover rules, Frasers, which owns 37% of
Mulberry, has until Oct. 28 to make a firm offer or walk away.
    Shares in Mulberry closed Monday at 125 pence.
    ($1 = 0.7689 pounds)

 (Reporting by James Davey; editing by Sarah Young and Jason
Neely)
 ((james.davey@thomsonreuters.com))