Mulberry rejects Frasers’ cash offer

Frasers currently holds approximately 36.8% of Mulberry’s shares.

The board of directors of Mulberry has rejected a potential cash offer from Frasers Group, which proposed to acquire the company’s shares at 130 pence each. 

Frasers currently holds approximately 36.8% of Mulberry’s shares.

The board, after consulting financial and legal advisors and the majority shareholder Challice Limited, concluded that the offer does not reflect the company’s future value.

Challice, which owns 56.1% of Mulberry, supports the company’s current strategy and does not back the proposed offer.

The board remains committed to its Subscription and Retail Offer announced on 27 September, asserting that this is the best way to raise additional equity funding for all shareholders. They look forward to discussing pro-rata participation in the Subscription with Frasers.

Frasers must announce a firm intention to proceed with an offer or withdraw by 28 October.

Mulberry is now in an "offer period," and shareholders should be aware of the related disclosure requirements. There is no certainty that an offer will be made or its potential terms.