Mulberry majority shareholder has “no interest” in selling luxury brand to Frasers Group
Mulberry’s majority shareholder Challice has announced that it has no interest in selling its Mulberry shares to Frasers Group, adding that it remains “very supportive of the luxury brand and its current management team.
The news follows Frasers Group launching a second takeover approach which valued the business at £111 million.
A shareholder in Mulberry since 2002, Challice currently holds a 56.4% stake compared to Frasers Group’s 37%.
In a statement, the company said: “Challice believes that it is an inopportune time for Mulberry to be sold and particularly regrets the distraction that the possible offer is bringing to the company and its management team at this time.”
Following the Challice announcement, Mulberry said this morning that it is working with advisors “to consider the company’s position” and will provide a further announcement in due course.
Under UK takeover rules, Frasers Group now has a deadline of 28 October to make a firm offer for Mulberry or walk away.
Mulberry is currently working to turn around its business under new chief executive Andrea Baldo, The company is controlled by Singaporean based billionaire businessman Ong Beng Seng and his wife Christina.
