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The board of Mulberry has backed the decision by majority shareholder Challice to reject the improved £111m takeover bid from Frasers Group.
Challice stated last week that it had “no interest in either selling its Mulberry shares to Frasers or providing Frasers with any irrevocable or other undertaking with regards the possible offer”.
The Mulberry board said it is “unanimously of the view that the offer is untenable and that the company should focus its attention on driving the commercial performance of the business”.
The company reiterated the statement it put out alongside its audited results on 27 September: “We believe that the combination of the appointment of a new CEO, our new debt facility and the capital raising announced today will put the Group on a firm footing to ensure we are well set up for future growth.”
The Mike Ashley owned Frasers Group increased its bid for the company to £111m up from its initial £83m offer earlier this month.
Frasers has until 28 October to announce a firm offer for the group or state it does not intend to make an offer.
