Retail group Frasers has announced that it will make no further offer to acquire the shares it does not already hold in leathergoods brand Mulberry.

Frasers already owns 37% of Mulberry shares. At the end of September, the leathergoods company said it wanted to raise £10 million in new capital and quickly received a formal offer in which Frasers said it would pay £50 million to acquire the whole of the company. It then submitted a revised offer on October 10, which the board of Mulberry has rejected.

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