Mulberry has rejected Frasers Group's £83m takeover bid, deeming it too low and continuing with its fundraising to support future growth, signaling confidence in its strategic direction.
The company firmly believes that the recent leadership change with CEO Andrea Baldo, combined with a significant share placement, positions it well for a turnaround.
Frasers Group's proposal, offering 130p per share, is seen by Mulberry's board as not reflecting the company's substantial future potential, which was affirmed by its major shareholder.
Despite a pre-tax loss of £34m and declining sales, Mulberry asserts its commitment to fundraising, stating that they would further engage with Frasers as a significant investor.
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