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Battle for control: Frasers Group, Mulberry’s second largest investor, bought £4 million worth of shares in the British fashion house
The battle for control of Mulberry took a dramatic turn yesterday when Mike Ashley increased his stake, while the company’s largest shareholder was charged with fraud in Singapore.
Frasers Group, Mulberry’s second largest investor, bought £4 million worth of shares in the British fashion house.
That took Sports Direct tycoon Ashley’s stake to around 37 per cent as he mulls a new takeover bid for the struggling handbag maker.
It came just days after the board fiercely opposed Frasers’ £83m bid to buy Mulberry.
Mulberry said Singaporean power couple Ong Beng Seng and his wife Christina, who are the designer’s largest shareholders with a 56 per cent stake, had “no interest” in the Frasers’ bid.
But in a surprise twist, Ong, 78, was charged yesterday in Singapore for his alleged role in a scandal involving thousands of pounds in gifts given to a former minister. On Wednesday, former Transport Minister S. Iswaran was sentenced to 12 months in prison for obstruction of justice and improper receipt of gifts as a public official.
Ong has not yet commented on the allegations.
The businessman reportedly did not plead guilty yesterday. He and Ashley have clashed as they fight for control of Mulberry, which has been hit by a slowdown in demand for its luxury goods. Under takeover rules, Frasers has until 5pm on October 28 to make a firm offer for Mulberry or walk away.
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