Mulberry slumps as Frasers says it has no intention to make a bid
Mulberry shares tumbled on Thursday afternoon after Mike Ashley’s Frasers Group said it does not intend to make an offer for the luxury handbag maker.
Frasers Group
747.00p
15:44 22/11/24
1.98%
14.50p
FTSE 250
20,584.46
15:45 22/11/24
n/a
n/a
FTSE 350
4,551.10
15:45 22/11/24
n/a
n/a
FTSE AIM All-Share
730.99
15:45 22/11/24
n/a
n/a
FTSE All-Share
4,506.61
15:45 22/11/24
n/a
n/a
General Retailers
4,652.31
15:39 22/11/24
1.07%
49.12
Mulberry Group
100.00p
13:50 22/11/24
0.00%
0.00p
Personal Goods
13,854.22
15:44 22/11/24
2.70%
364.85
Frasers upped its stake in Mulberry last month to 37% and said it was considering a possible takeover. Frasers bought just over 4.3 million shares from Iceland’s Kaupthing at 150p each.
Under the Takeover Code, when a person or group acquires a 30% stake in a company, they must make a cash offer for the remaining shares.
Frasers had until Thursday to either make an offer or walk away.
At 1600 GMT, Mulberry shares were down 11% at 214p.