Frasers Group, which owns House of Fraser and Sports Direct, is eyeing a takeover of British luxury brand Mulberry.
The Group has increased its stake in the ailing luxury label to 37 per cent.
Late last week, the British retailer announced fresh stake in the company, buying shares of 4.3 million from Kaupthing – a major Icelandic Bank – in a deal that’s worth £ 6.45 million.
It is worth noting that, back in February, Frasers had acquired 12.5 per cent of Mulberry’s equity. And now the stake has been increased!
Reportedly, the panel had waived the general norm to make a bid for the entire company when a stake of more than 29.9 per cent was acquired.
Here it is important to note that the waiver was allowed as company’s biggest shareholder Challice had a stake of 56 per cent.
Meanwhile, Frasers has said that it reserves right to make a voluntary offer for Mulberry. Notably, panel says that Frasers can make an offer until 17 December.
Stay tuned to know what happens next here!
