Mulberry provides update on £111m Frasers Group bid

It said it had considered the "unsolicited revised possible cash offer" of £111m from Frasers Group on 11 October.

Mulberry stated that its board had also considered the position of its majority shareholder Challice, which had released a statement on 13 October announcing it would not sell its Mulberry shares to Frasers or support the takeover bid.

"After careful consideration with its advisers and in light of the above, the board is unanimously of the view that the possible offer is untenable and that the Company should focus its attention on driving the commercial performance of the business," its 22 October update stated.

The Mulberry board reiterated its 27 September statement, saying: "We believe that the combination of the appointment of a new CEO, our new debt facility and the capital raising announced today will put the Group on a firm footing to ensure we are well set up for future growth."

Frasers, the second-largest shareholder in Mulberry, has until 5:00 pm on 28 October to announce a firm intention to make an offer for the luxury handbag retailer or withdraw.