British luxury brand Mulberry has today rejected a second takeover proposal from Mike Ashley's Frasers Group, calling it "untenable".
Frasers on October 11 had raised its proposal to 150 pence per Mulberry share, valuing the brand, best known for its handbags, at £111m.
Mulberry's biggest shareholder, Challice Limited, the vehicle of Singapore-based property tycoon Ong Beng Seng and his wife Christina which owns 56.4%, said on October 13 that it would not support Frasers' proposal.
Under UK takeover rules, Frasers, which owns 37% of Mulberry, has until October 28 to make a firm offer or walk away.
Shares in Mulberry closed at 125 pence yesterday.
