Mulberry Group plc (MUL.L) Tuesday announced that it has rejected a takeover offer from British retail, sport, and intellectual property company, Frasers Group Plc (FRAS.L), for the remaining stake it does not currently own for 130 pence per share in cash.
Frasers is a significant minority shareholder, owning around 37 percent of the issued share capital of Mulberry.
The company noted that Frasers is currently interested in around 36.8 percent of Mulberry's issued ordinary shares.
Mulberry noted, after considering the offer, along with its 56.1 percent majority shareholder Challice Limited, that it now has a solid platform to execute a turnaround, benefited by the recent appointment of Andrea Baldo as CEO as well as the recently announced Subscription and Retail Offer to raise capital.
Further, Frasers' possible offer does not recognise the firm's substantial future potential value, and that Challice is supportive of its strategy and has no interest in supporting the latest takeover offer.
"Recognising that Frasers is a committed and important investor in Mulberry, and has publicly stated that it would have been willing to underwrite the Subscription, the Board looks forward to engaging further with Frasers regarding a pro rata participation in the Subscription," the company noted.
Frasers must by no later than 5.00 p.m. (London time) on October 28, either announce a firm intention to make an offer for Mulberry, or announce that it does not intend to make an offer for Mulberry.
As a consequence of Frasers' announcement, Mulberry is considered to be in an "offer period".
There can be no certainty that an offer will be made for the company nor as to the terms on which any such offer might be made, the firm noted.
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