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Frasers raises Mulberry stake to 37%, considers offer
23 Nov '20
1 min read
Pic: Mulberry
The Frasers Group, formerly called Sports Direct, recently announced raising its stake in Mulberry to just under 37 per cent and could make an offer for the British luxury brand. Frasers raised its Mulberry holding by buying 4.3 million shares from Kaupthing ehf at 150 pence per share. It still reserves its right to make a voluntary offer for the company.
The group said the Takeover Panel had granted Frasers a waiver from making a mandatory cash offer for Mulberry because the latter’s biggest shareholder Challice Ltd has a 56 per cent stake.
It has until December 17 to announce a firm intention to make an offer. Frasers said any offer would be made in cash.
Owner Mike Ashley’s desire is to make Frasers the ‘Selfridges of sport’, emulating the status of the London department store. Buying other businesses and strategic stakes forms part of that plan.
The group said the Takeover Panel had granted Frasers a waiver from making a mandatory cash offer for Mulberry because the latter’s biggest shareholder Challice Ltd has a 56 per cent stake.
It has until December 17 to announce a firm intention to make an offer. Frasers said any offer would be made in cash.
Owner Mike Ashley’s desire is to make Frasers the ‘Selfridges of sport’, emulating the status of the London department store. Buying other businesses and strategic stakes forms part of that plan.
Fibre2Fashion News Desk (DS)
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