Mulberry says no to Frasers Group offer
Leathergoods brand Mulberry has that a possible offer from retail group Frasers to acquire full ownership of Mulberry “does not recognise the company’s substantial future potential value”.
Frasers Group currently controls just under 37% of Mulberry shares and had offered just over £50 million to acquire the rest of the company.
The Frasers offer valued Mulberry at £83 million; the leathergoods manufacturer has said this is not enough. Mulberry’s revenues for the year ending March 2024 were £152.8 million.
In an effort to raise £10 million in new capital, Mulberry issued an offer of new ordinary shares in the company at the end of September. In its new statement, it said it remained confident of securing this injection of capital.
It also said it was confident that plans being developed by new chief executive, Andrea Baldo, who joined Mulberry in July, would “return the business to profitability and drive future growth”.
