Mulberry's board unanimously rejected Frasers Group's increased bid, deeming it untenable, emphasizing the importance of improving commercial performance and future growth.
The largest shareholder, Challice, controlled by Christina Ong, swiftly rebuffed Frasers' proposal, underscoring its 56% stake that allows it to block any potential deal.
Despite the rejection, Mulberry acknowledged Frasers' support in its recent fundraising efforts and expressed openness to further interactions, hinting at complex future dynamics.
Frasers' deadline to make a firm offer for Mulberry is approaching, reflecting the urgency of the situation given Mulberry's recent financial struggles and share decline.
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