Mike Ashley's Frasers Group has raised its stake in Mulberry to just under 37% and could make an offer for the British luxury brand, it said today.
Frasers, formerly Sports Direct, increased its Mulberry holding by buying 4.3 million shares from Kaupthing at 150 pence per share.
It said the Takeover Panel had granted Frasers a waiver from making a mandatory cash offer for Mulberry because Mulberry's biggest shareholder Challice has a 56% stake.
"Frasers Group is, however, still reserving its right to make a voluntary offer for the company," it said.
Under UK panel rules it has until December 17 to announce a firm intention to make an offer.
Frasers said any offer would be made in cash.
Ashley's long-stated desire is to make Frasers the "Selfridges of sport", emulating the status of the London department store.
Buying other businesses and strategic stakes forms part of that plan.
Last month Mulberry forecast reduced losses in its 2020-21 year.
