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- Frasers Group has “no intention” to make a firm bid for the handbag maker
Mike Ashley demanded that his company be given a seat on Mulberry’s board of directors even as he admitted defeat in his attempt to buy the company.
A day after a second takeover proposal worth £111m was rejected, its Frasers Group said it has “no intention” to make a firm bid for the troubled handbag maker.
It marked a victory for the Singapore-based billionaire Ong family, which opposed a deal. The family’s Challice group owns a 56 per cent stake in Mulberry and Frasers has 37 per cent.
Lawsuit: Frasers says it is ‘increasingly concerned about Mulberry’s governance’
Frasers said it was “a disappointing result” and added that it remains “a long-term supporter of the much-loved British brand”.
But Frasers attacked “the absence of a proper commitment” regarding its two bids and reiterated its request for a seat on Mulberry’s board.
“Frasers is increasingly concerned about the management of Mulberry, the apparent lack of a business plan against a backdrop of increasing market headwinds and, crucially, the financial situation in which Mulberry currently finds itself,” he said.
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