British retail giant Frasers Group announced on Thursday (17 December) that it will not make any formal bid for Mulberry – wiping £15 million off its value.
The Group had increased its stake in Mulberry to nearly 37 per cent late last month.
Also Read: Frasers Group considers taking over Mulberry; increases stake to 37%
The Takeover Panel had waived the general norm for the shareholder to make a bid on Mulberry when a stake of over 29.9 per cent was acquired, as Mulberry’s biggest shareholder Challice had 56 per cent stake.
Back then, Frasers had said it reserves the right to make voluntary offer. Frasers had the right to make offer only till 17 December.
With the latest announcement, Frasers is no longer in the race to make any bid for Mulberry.
Meanwhile, Godfrey Davis, Chairman, Mulberry, said that the focus of the firm will be to continue to develop Mulberry as a global sustainable brand, creating value for all its stakeholders.
Mulberry, founded in 1971, is known for its apparels and accessories and has its headquarters in Somerset, England.
