British luxury brand Mulberry said today it is working with advisers to evaluate Frasers' sweetened £111m takeover proposal, after its top investor Challice declined to sell shares to the sportswear retailer.
Mulberry's top investor Challice has declined to sell shares to Frasers, which last week sweetened the takeover bid.
Challice is backed by a Singapore-based firm owned by billionaires Christina Ong and Ong Beng Seng and owns a 56% stake in the retailer.
Loss-making Mulberry, known for its luxury handbags and belts, had rejected Frasers' initial proposal of £83m, saying it undervalued the company.
Mike Ashley's Frasers, the second largest stakeholder in Mulberry, had earlier this month said it planned to acquire about 4 million shares in the luxury brand at 100 pence each, slightly raising its stake to between 36.9% and 37.3%.
Under UK takeover rules, Frasers has until October 28 to make a firm offer for Mulberry or walk away.
