Frasers Group raises stake in Mulberry, eyes acquisition

Frasers Group (formerly Sports Direct) has increased its stake in fashion brand Mulberry to around 37%, buying 4.3 million Mulberry shares from Iceland's Kaupthing ehf at 150 pence per share in a deal worth £6.45 million. Because Challice, the vehicle of Singapore's Ong family, owns 56% of Mulberry, Frasers is not required by the UK takeover panel to make a cash offer to buy the whole business. However, Frasers said it was reserving its right to make a voluntary offer for the company through Dec. 17.

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