The board of Mulberry has issued its eagerly-awaited response to the possible offer for it from Frasers Group, and it’s clearly in agreement with its majority owner Challice. 

It said it “has considered the contents of the announcement from Frasers Group plc on 11 October regarding its unsolicited revised possible cash offer for the… share capital of the company not already owned by Frasers, at 150p per Mulberry share.

“The board has also considered the clear position of Challice, the company’s 56.4% majority shareholder, as set out in its press statement on 13 October, in which it stated that it will not sell its Mulberry Shares to Frasers or support the possible offer.

“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”.

It also drew attention to its own earlier statement that with its new CEO, its new debt facility and its recent capital raising, the group will be “on a firm footing to ensure we are well set up for future growth”.

And it added that Frasers, through its participation in the company’s recent fundraising, “has shown itself to be supportive of maintaining the value of the Mulberry brand. The board appreciates this and looks forward to further interactions with Frasers in the future”.