Mulberry Group plc (MUL.L), which is the takeover target of British retail, sport, and intellectual property company Frasers Group Plc (FRAS.L), Monday announced that its majority shareholder Challice Limited has no interest in selling its stake in the company.
Mulberry was responding to the revised possible offer from Frasers on October 11 for all the remaining stake in Mulberry which it does not own for 150 pence per share.
The Board of Directors said it is working with advisers to consider the company's position and will provide a further announcement in due course.
Challice Ltd., Mulberry's 56.4 percent majority shareholder, on Sunday stated publicly, amongst other things, that it has no interest in either selling its Mulberry Shares to Frasers or providing Frasers with any irrevocable or other undertaking.
The company added that 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.
Frasers is required to either announce a firm intention to make an offer for Mulberry, or announce that it does not intend to make an offer for Mulberry, by October 28.
Frasers is a significant minority shareholder, owning around 37 percent of the issued share capital of Mulberry.
Earlier this month, Mulberry had rejected a takeover offer from Frasers for the remaining stake it does not currently own for 130 pence per share in cash.
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