Battle for control: Frasers Group, Mulberry’s second largest investor, bought £4m of shares in the British fashion house
The battle for control of Mulberry took a dramatic turn yesterday as Mike Ashley upped his stake, while the firm’s biggest shareholder was charged with fraud in Singapore.
Frasers Group, Mulberry’s second largest investor, bought £4m of shares in the British fashion house.
That took Sports Direct tycoon Ashley’s stake to around 37 per cent as he mulls a fresh takeover offer for the struggling handbag maker.
It came just days after Frasers’ £83m bid to buy Mulberry was fiercely opposed by the board.
Mulberry said Singaporean power couple Ong Beng Seng and his wife Christina, who are the designer’s biggest shareholders with a 56 per cent stake, had ‘no interest’ in the Frasers’ offer.
But in a twist, Ong, 78, was yesterday charged in Singapore for his alleged role in a scandal involving thousands of pounds of gifts given to a former minister. On Wednesday ex-transport minister S. Iswaran was sentenced to 12 months in jail for obstructing justice and improperly receiving gifts as a public servant.
Ong has not yet commented on the accusations.
The businessman reportedly did not enter a plea yesterday. He and Ashley have clashed as they fight for control of Mulberry, which has been hit by a slowdown in demand for its luxury goods. Under takeover rules, Frasers has until 5pm on October 28 to make a firm offer for Mulberry or walk away.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
