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LONDON (Reuters) – British luxurious model Mulberry on Tuesday rejected a second takeover proposal from Mike Ashley’s Frasers Group, calling it “untenable”.
Frasers on Oct. 11 had raised its proposal to 150 pence per Mulberry share, valuing the model, finest identified for its purses, at 111 million kilos ($144 million).
Mulberry’s largest shareholder, Challice Restricted, the car of Singapore-based property tycoon Ong Beng Seng and his spouse Christina which owns 56.4%, stated on Oct. 13 that it might not help Frasers’ proposal.
Below UK takeover guidelines, Frasers, which owns 37% of Mulberry, has till Oct. 28 to make a agency supply or stroll away.
Shares in Mulberry closed Monday at 125 pence.
($1 = 0.7689 kilos)
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