Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

Mulberry rejects £83 million takeover bid from Frasers Group

by
October 1, 2024
in Top News
0
Mulberry rejects £83 million takeover bid from Frasers Group
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

Mulberry, one of Britain’s most iconic luxury brands, has turned down an £83 million takeover bid from Mike Ashley’s Frasers Group, stating it did “not recognise the company’s substantial future potential value.”

The board of Mulberry said it had carefully considered the offer, consulting with its majority shareholder, Challice, which holds 56.1% of the company and is controlled by Malaysian billionaire Ong Beng Seng and his wife, Christina.

In a stock exchange announcement, Mulberry expressed confidence in its recent appointment of Andrea Baldo as CEO, believing it provided a “solid platform” for a turnaround that would deliver the best value for all shareholders. The brand’s shares rose 4.8% to 130p following the rejection.

Frasers Group, which made a 130p-per-share bid after a surprise £10 million rights issue, has yet to respond. The bid represented an 11% premium to Friday’s closing price. The Sports Direct owner argued that it was the “best steward” to restore the struggling leather goods brand to profitability, and expressed concerns about Mulberry’s ongoing financial challenges, citing its auditor’s warning about “material uncertainty” related to the company’s ability to continue as a going concern.

Frasers was also frustrated by the timing of the rights issue announcement, calling the lack of engagement “untenable” for Frasers and other minority shareholders. Mulberry, which recently reported a £34 million pre-tax loss, plans to use the fresh capital to stabilise its balance sheet and allow Baldo to implement his strategy for the brand.

Under UK takeover rules, Frasers has until 5pm on 28 October to either make a firm offer or walk away. If it chooses to walk away, it will not be able to make another bid for six months unless another offer is tabled by a rival bidder.

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post
Martha Lane Fox to co-chair government panel driving public sector tech reform

Martha Lane Fox to co-chair government panel driving public sector tech reform

Recommended

Slower inflation implies moderate erosion of real wages, analysts say

Slower inflation implies moderate erosion of real wages, analysts say

October 6, 2024
Converge Q3 income jumps to P2.92B, capex guidance lowered

Converge Q3 income jumps to P2.92B, capex guidance lowered

November 13, 2024
10 Must-Have Branded Products Every Business Needs in 2024

10 Must-Have Branded Products Every Business Needs in 2024

December 11, 2024
Epcy Links UK Residents with Leading Clinics in Turkey

Epcy Links UK Residents with Leading Clinics in Turkey

October 8, 2024
Angelcare PLC Acquires Almond Care Providers, Expanding Care Services Portfolio 

Angelcare PLC Acquires Almond Care Providers, Expanding Care Services Portfolio 

December 13, 2024
Cameron Keeney Joins SafeHarbor Employers Alliance as Chief Safety Officer, Driving Workplace Safety and Employee Care

Cameron Keeney Joins SafeHarbor Employers Alliance as Chief Safety Officer, Driving Workplace Safety and Employee Care

November 25, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Thank you

    Copyright © 2025 investdailypro.com | All Rights Reserved