17th Dec 2020 16:17
(Alliance News) - Mike Ashley's Frasers Group PLC said Thursday it does not plan to make a bid for luxury fashion company Mulberry Group PLC.
Frasers has recently upped its stake in Mulberry to 37%, allowing it to make an offer for the rest of the shares it does not own under UK takeover regulations.
The acquisition of 4.3 million ordinary shares from Icelandic firm Kaupthing EHF resulted in Frasers holding 22.1 million shares, representing a 36.8% stake in British fashion brand Mulberry, as well as contracts for difference for another 27,489 Mulberry shares. At the beginning of November, Frasers raised its stake in Mulberry to 29.7% from 12.5%.
The owner of Sports Direct paid 150.00 pence per share for a total of GBP6.5 million. Mulberry shares were down 16% in London on Thursday afternoon at 201.50 pence.
Shares in Frasers were 1.7% lower at 478.60 pence each.
By Paul McGowan; [email protected]
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