The majority shareholder in luxury brand Mulberry on Sunday said it had no interest in selling any of its stake to sportswear and apparel retailer Frasers Group, in a statement designed to end Frasers’ takeover attempt.

On Friday Frasers, Mulberry’s second-largest shareholder, increased its bid after the brand, known for its handbags and belts, rejected an initial offer of 83 million pounds ($108 million) saying it undervalued the company.

In a response issued on Sunday, Challice, Mulberry’s Singaporean backer which holds a 56% stake, said: “Challice believes that it is an inopportune time for Mulberry to be sold and particularly regrets the distraction that the possible offer is bringing to the company and its management team at this time. 

“Challice has no interest in either selling its Mulberry shares to Frasers or providing Frasers with any irrevocable or other undertaking with regards the possible offer.”

Under UK takeover rules, Frasers has until Oct. 28 to make a firm offer for Mulberry or walk away.

“Challice hopes that by making its position clear, Frasers will be encouraged to announce that it does not intend to make an offer for Mulberry,” the Challice statement said.