The biggest shareholder of Mulberry has rejected Frasers Group’s revised takeover bid for the British handbag maker, labelling its advances an unwanted distraction.
Mike Ashley’s retail group, which comprises Sports Direct, Flannels and House of Fraser, raised its offer for the struggling luxury goods seller on Friday, days after its original takeover approach was shunned.
Challice, Mulberry’s 56.1 per cent backer which is controlled by the Singaporean billionaire Ong Beng Seng and Christina Ong, his wife, said yesterday, however, that it had “no interest in either selling its Mulberry shares to Frasers or providing Frasers with any irrevocable or other undertaking”.
Challice said it was “an inopportune time for Mulberry to be sold and [it] particularly regrets the distraction that the possible offer is