- Frasers Group ‘does not intend’ to make a firm offer for handbag maker
Mike Ashley demanded his company be given a seat on the Mulberry board even as he admitted defeat in his attempt to buy the company.
A day after a second takeover proposal worth £111m was rejected, his Frasers Group said it ‘does not intend’ to make a firm offer for the troubled handbag maker.
It marked a victory for the Singapore-based billionaire Ong family who were opposed to a deal. The family’s Challice group owns a 56pc stake in Mulberry and Frasers has 37pc.
Demand: Frasers says it is ‘increasingly concerned over the governance of Mulberry’
Frasers said it was ‘a disappointing outcome’ and added that it remains ‘a long-term supporter of the well-loved British brand’.
But Frasers attacked ‘the absence of proper engagement’ regarding its two offers and repeated its request for a seat on the Mulberry board.
‘Frasers has become increasingly concerned over the governance of Mulberry, the apparent lack of a commercial plan against a backdrop of increasing market headwinds and, critically, the financial position in which Mulberry currently finds itself,’ it said.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
***
Read more at DailyMail.co.uk