Frasers Group (LON: FRAS) refused to offer a takeover bid for Mulberry

December 18, 2020 07:00 AM PST | By Team Kalkine Media

Google News:

Recent News

Debt Use in Steel Sector and Its Influence on Metals & Mining

Duolingo Inc Sees Gains Amid Mixed ROE Trends S&P 500

DigitalOcean DOCN Drops Despite AI Growth Boost in NYSE Composite Sect...

Rivian Stock Key Metrics to Track Amid EV Credit Changes Nasdaq Compos...

In a big setback for luxury British brand Mulberry, Mike Ashley’s Frasers Group refused to offer a takeover bid.

Fraser Group had until Thursday to make a formal bid or walk away from the takeover process after it accumulated a 36.8% stake in the company.

The company in November, in a deal worth £6.45 million had acquired 4.3 million shares from the Icelandic bank Kaupthing.

At that time, the Takeover Panel of the Stock Exchange had renounced the usual requirement to make a bid for the entire company when a stake of more than 29.9 per cent was acquired.

The major reason of waiver was that the biggest shareholder of Mulberry, Challice, the vehicle for Singapore’s Ong family, had a 56 per cent stake and the Frasers Group was only second to them.

The group has said it would not make an offer for Mulberry within six months unless there is “material change of circumstances”.

Frasers is also considering bids for department store chain Debenhams and parts of Sir Philip Green’s Arcadia Group.

The stocks of Fraser Group (LON:FRAS) on 18 December 2020, traded lower by 1.33% from its previous closing, hovering at around GBX 474.80 at 14:30 PM GMT+1.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.