MULBERRY faces a handbagging from Mike Ashley after the tycoon launched an £83million offer and declared the luxury brand’s “status quo is an untenable position”. Mr Ashley’s Frasers Group, which already owns a 37 per cent stake in Mulberry, launched its 130p-a-share bid after complaining it had been blindsided by Mulberry’s cash call on Friday night. 3 Tycoon Mike Ashley has launched an £83million offer for Muberry 3 Mulberry's shares plunged by 12 per cent but Mr Ashley's takeover sent them rebounding 5.
5 per cent higher Mulberry, which is best known for its £1,195 Alexa handbags , wants to tap investors for £10million after slumping sales knocked it to a loss. Mulberry’s shares had started the day plunging by 12 per cent on the back of its cash call, but Mr Ashley’s takeover approach sent them rebounding 5.5 per cent higher.
Frasers had briefly considered a takeover in November 2020 when Mulberry was worth £124million. Frasers said: “We believe the status quo to be an untenable position for Frasers and the other minority holders of Mulberry shares . .
. we believe Frasers to be the best steward for returning Mulberry to profitability.” READ MORE ON MIKE ASHLEY CASHOUT Newcastle cough up £10MILLION to settle HMRC spat from Mike Ashley's ownership OUT OF FASHION Website owned by Mike Ashley's Frasers Group to shut down forever in hours Mr Ashley will now have to go head to head with Mulberry’s biggest investor, Challice, which owns 56 per cent and i.