LONDON, Nov 19 (Reuters) - Mike Ashley's Frasers Group
has raised its stake in Mulberry to just under
37% and could make an offer for the British luxury brand, it
said on Thursday.
Frasers, formerly Sports Direct, increased its Mulberry
holding by buying 4.3 million shares from Kaupthing ehf at 150
pence per share.
It said the Takeover Panel had granted Frasers a waiver from
making a mandatory cash offer for Mulberry because Mulberry's
biggest shareholder Challice Ltd has a 56% stake.
"Frasers Group is, however, still reserving its right to
make a voluntary offer for the company," it said.
Under panel rules it has until Dec. 17 to announce a firm
intention to make an offer.
Frasers said any offer would be made in cash.
Ashley's long-stated desire is to make Frasers the
"Selfridges of sport", emulating the status of the London
department store.
Buying other businesses and strategic stakes forms part of
that plan.
Last month Mulberry forecast reduced losses in its 2020-21
year.
Shares in Mulberry were down 0.8% at 0959 GMT. Shares in
Frasers were up 0.3%.
(Reporting by James Davey; editing by Sarah Young)
Mulberry Group (MUL)
