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Mulberry rejects fresh bid from Mike Ashley’s Frasers Group as ‘untenable’

Frasers had raised its offer from 130p to 150p a share, valuing the British luxury handbag maker at £111m

The Mulberry board said on Tuesday that it had considered the proposal carefully with its advisers and decided unanimously that “the possible offer is untenable and that the company should focus its attention on driving the commercial performance of the business”. It also reiterated its belief that the combination of Mulberry’s new chief executive, Andrea Baldo, a new debt facility and fundraising of nearly £11m would put the company “on a firm footing to ensure we are well set up for future growth”. Mulberry, which sells leather goods, hats, scarves and other accessories, has struggled to compete against bigger international brands, especially since the post-Brexit ending of shopping tax breaks for tourists to the UK.

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