Mulberry Wants To Go It Alone As It Rejects Frasers Takeover Bid.

Mulberry Group Plc has rejected a takeover bid from Frasers Group Plc, led by Mike Ashley, stating that the offer undervalues the company and does not have the support of the majority shareholder, Singapore's Ong family. Mulberry also plans to proceed with a proposed £10 million share issue, which has upset Frasers as they were not given prior notice. Mulberry has been struggling due to the decline in luxury spending, but believes that the recent appointment of CEO Andrea Baldo and the share issue will help turn the company around. Frasers has until October 28 to make a formal offer or withdraw. [Extracted from the article]