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Mike Ashley's Frasers Group declines to make formal bid for Mulberry

Mike Ashley is keen to bring his retail empire more upmarket through his Flannels stores (Giles Anderson/PA)
Under Takeover Panel rules, any group which takes a stake of more than 30% in a business is typically required to make an offer to buy it entirely.
However, because another investor already owns a majority stake in Mulberry Frasers was under no obligation to make a full-scale takeover.
Challice, the investment vehicle for Singapore’s Ong Family, owns around 56% of the business.
Frasers also acquired a stake in German luxury brand Hugo Boss this year as it pushes forward with efforts to shift its image to be more upmarket. ....

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Mike Ashley's Frasers Group pulls out Mulberry takeover

Mike Ashleyâs Frasers Group pulls out of takeover of luxury handbag maker
Mike Ashley’s retail empire has confirmed it will not make a formal bid for luxury handbag maker Mulberry.
Frasers Group told the stock market that, having built up a 36.8% stake in the Somerset-based company, no further action will be taken.
The retailer had until Thursday to make a formal bid or walk away from the takeover process.
Frasers Group, which runs Sports Direct and House of Fraser, first took a stake in Mulberry in February, before it more than doubled its holding to around 29% in November. ....

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