Mike Ashley's Frasers Group has made an £83 million takeover bid for Mulberry, a renowned luxury brand, amid its struggles with financial stability and recent share offers.
Frasers Group's offer of 130p per share, an 11% premium, comes as a rescue attempt to return Mulberry to profitability, asserting that Frasers is 'the best steward'.
The takeover bid positions Frasers against Mulberry's majority shareholder, Challice, as it seeks to avoid the pitfalls faced with its previous investment in Debenhams.
With a recent £34 million pre-tax loss and a critical status from auditors, Mulberry's financial health has raised concerns, prompting Frasers to act decisively.
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