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
784.50p
17:08 19/04/24
-0.25%
-2.00p
FTSE 250
19,391.30
17:09 19/04/24
n/a
n/a
FTSE 350
4,341.08
17:09 19/04/24
n/a
n/a
FTSE AIM All-Share
745.67
17:08 19/04/24
n/a
n/a
FTSE All-Share
4,296.41
17:08 19/04/24
n/a
n/a
General Retailers
3,864.64
17:09 19/04/24
1.57%
59.64
Mulberry Group
112.50p
16:50 19/04/24
-4.26%
-5.00p
Personal Goods
15,722.74
17:10 19/04/24
0.69%
107.88
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.