Mike Ashley bids for Mulberry board seat after takeover bid rejected

Mike Ashley demanded his company be given a seat on Mulberry’s board even as he admitted defeat in his bid to buy the company.

A day after a second takeover proposal worth £111m was rejected, its Frasers group said it has “no intention” of making a firm offer for the troubled bag maker.

It marked a victory for the Singapore-based billionaire Ong family, which opposed a deal. The family’s Challice group owns a 56% stake in Mulberry and Frasers has 37%.

Lawsuit: Frasers says ‘increasingly concerned about Mulberry government’

Frasers said it was “a disappointing result” and added that it remains “a long-term supporter of the beloved British brand”.

But Frasers hit out at the “absence of proper engagement” regarding its two bids and repeated its application for a Mulberry board seat.

“Frasers has become increasingly concerned about Mulberry’s governance, the apparent lack of a business plan against a backdrop of growing market headwinds and, critically, Mulberry’s current financial position.” he said

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