// Mulberry now in offer period after Frasers Group raises stake to almost 37%
// Frasers Group says it is “reserving its right to make a voluntary offer for the company”
Mulberry has been placed into an offer period after Mike Ashley’s Frasers Group raised its stake on the luxury retailer earlier this week.
Ashley’s retail empire, formerly known as Sports Direct International, has been steadily increasing its share in Mulberry since February when it acquired a 12.5 per cent holding.
At the start of this month Frasers Group raised its stake to 29.7 per cent.
This week Frasers Group increased its stake once again, this time to 36.8 per cent after acquiring 4.3 million shares from Kaupthing in a deal worth £6.45 million.
In a stock exchange update, Frasers Group noted that the Takeover Panel had waived the usual requirement for a shareholder to make a bid on the entire company when a stake of more than 29.9 per cent is acquired.
This is due to the fact that Mulberry’s biggest shareholder Challice owns a 56 per cent stake in the business.
However, Frasers Group said it was “reserving its right to make a voluntary offer for the company”.
Under the panel’s rules, the group has 28 days, until December 17 to announce a firm intention to make an offer for the company.