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This Thursday, entrepreneur Mike Ashley, who owns the sports goods distribution group Frasers, decided to increase his stake in the luxury group Mulberry. The British businessman is also considering making an offer for the British luxury fashion brand.
The Frasers sports group, formerly Sport Direct, is raising its stake in the Mulberry group and investing 4.3 million shares of Kaupthing to 150 pence per share.
Reuters reported that Mike Ashley said that the Takeover Board had granted Frasers an exemption from the requirement to make a cash offer for Mulberry because Mulberry’s largest shareholder, Challice Ltd, holds 56% of the shares.
“The Frasers Group, however, reserves the right to make a voluntary offer for the company,” he said.
According to the rules, it has until December 17 to announce its firm intention to make an offer. Mike Ashley has long wanted to make Frasers the “Selfridges of sport”, referring to its status as one of London‘s largest stores.
The purchase of other businesses and strategic issues is part of this plan. Last month, Mulberry planned to reduce its losses for 2020-2021. Mulberry‘s shares declined 0.8% at 09:59 GMT, while Frasers shares rose 0.3%.
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