UK's Mulberry to evaluate sweetened Frasers' bid (updated)

Mulberry

14/10/2024 07:44

(Adds deal context in paragraphs 3 and 4)
       Oct 14 (Reuters) - British luxury brand Mulberry  MUL.L 
said on Monday it is working with advisers to evaluate Frasers'
 FRAS.L  sweetened 111 million pound ($145.1 million) takeover
proposal, after its top investor Challice declined to sell
shares to the sportswear retailer.
    Mulberry's top investor Challice has declined to sell shares
to Frasers, which last week sweetened the takeover bid. 
    Challice is backed by a Singapore-based firm owned by
billionaires Christina Ong and Ong Beng Seng and owns a 56%
stake in the retailer. 
    Loss-making Mulberry, known for its luxury handbags and
belts, had rejected Frasers' initial proposal of 83 million
pounds, saying it undervalued the company.
    Mike Ashley's Frasers, the second largest stakeholder in
Mulberry, had earlier this month said it planned to acquire
about 4 million shares in the luxury brand at 100 pence each,
slightly raising its stake 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.
        

($1 = 0.7652 pounds)

 (Reporting by Aby Jose Koilparambil and Prerna Bedi in
Bengaluru; Editing by Mrigank Dhaniwala)
 ((abyjose.koilparambil@thomsonreuters.com))