Mulberry, one of Britain’s best-known luxury brands, has rejected a £83 million bid from Frasers Group, saying it did “not recognise the company’s substantial future potential value”.
The board said it had considered the offer carefully and sought feedback from Challice, its long-term majority shareholder, which has a 56.1 per cent stake and is controlled by the Malaysian billionaire Ong Beng Seng and his wife, Christina.
Mulberry said in a stock exchange statement: “The recent appointment of Andrea Baldo as chief executive … provides the company with a solid platform to execute a turnaround and, ultimately, to deliver best value for all Mulberry shareholders.”
Mulberry’s shares, which closed at 124p yesterday, rose 4.8 per cent, or 6p, to 130p on Tuesday morning.
Frasers, which launched