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Frasers had raised its offer from 130p to 150p a share, valuing the British luxury handbag maker at £111m
The British luxury handbag retailer Mulberry has rejected an increased £111m bid from Mike Ashley’s Frasers Group, describing it as untenable.
Frasers, which already owns 37% of the company, increased its offer to 150p a share on 11 October from 130p, which had valued Mulberry at £83m. However, the retailer’s biggest shareholder, Challice, a group controlled by the Singaporean entrepreneur Christina Ong and her husband, was quick to rebuff the proposal, saying it had no interest in selling its shares. Challice’s 56% stake means it can block any deal.
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