Frasers Group Plc. (FRAS.L), a British retail, sport, and intellectual property company, announced that on 10 October 2024, it submitted a revised non-binding indicative offer to acquire the remaining stake in Mulberry Group plc (MUL.L) that it does not currently own, offering 150 pence per share in cash.
The offer implies a valuation of about 111 million pounds for the entire issued and to be issued ordinary share capital of Mulberry, or about 72 million pounds for the portion Frasers does not own. This represents a premium of approximately 28 percent over the closing share price of 118 pence on 27 September 2024.
Frasers, which already owns 37% Mulberry, said it has not received a response to the revised Proposal from the Mulberry Board.
In late-September 2024, Frasers Group announced a possible cash offer to acquire the remaining stake in Mulberry Group which it does not currently own for 130 pence per share in cash.
On 1st October 2024, Mulberry Group rejected a takeover offer from Frasers Group for the remaining stake it does not currently own for 130 pence per share in cash.
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