Mulberry’s Singapore headquartered owner Challice has restated that it has no intention of selling the British leather goods brand following a second offer made by Frasers Group. This offer which valued Mulberry at £111 million was met with a statement from Challice saying that it had “no interest in either selling its Mulberry shares (it has a 56.4 per cent holding) or providing Frasers with any irrevocable or other undertaking”.
The statement followed after Frasers Group which holds c.37 per cent of the issued share capital of Mulberry, had increased its cash offer for the rest of the group to 150p per Mulberry share.
Meanwhile, the Mulberry board said that in light of the aforementioned offers, it is working with advisors to consider the company’s position and will provide a further announcement in due course. Saying that there can be no certainty that an offer will be made for the company nor the terms on which any offer might be made.
Frasers Group responded by saying that in the light of Mulberry’s “catastrophic results”, its necessity for emergency funding and its difficult market backdrop, it strongly believes that it can provide the appropriate insulation and investment to support a much-loved British brand.
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