Frasers Group Invests £4m in Mulberry Shares
- Mike Ashley's Frasers Group acquired £4 million in shares, raising his stake in Mulberry to 37 percent.
- The largest shareholders, Ong Beng Seng and his wife, opposed Ashley's £83 million takeover bid and hold a 56 percent stake.
- Ong's recent fraud charges add complexity to the situation as Frasers must decide on a firm offer by October 28.
In Singapore, the battle for control of Mulberry intensified as Mike Ashley increased his stake in the luxury handbag maker to approximately 37 percent. This move came after Frasers Group, Ashley's company and Mulberry's second largest investor, purchased £4 million worth of shares. The company's largest shareholders, Ong Beng Seng and his wife Christina, who hold a 56 percent stake, have expressed no interest in Frasers' recent £83 million takeover bid. The situation escalated when Ong was charged with fraud related to a scandal involving gifts to a former minister, further complicating the power struggle. The board of Mulberry has firmly opposed Ashley's bid, and under takeover regulations, Frasers must make a firm offer by 5 PM on October 28 or withdraw. The luxury goods market has been facing a downturn, impacting Mulberry's performance and prompting Ashley's aggressive investment strategy. As the deadline approaches, the outcome of this corporate battle remains uncertain, with significant implications for the future of Mulberry and its shareholders.