Billionaire Family Behind Mulberry Sends Brutal Message to Mike Ashley After Takeover Offer

The luxury fashion brand Mulberry has rejected a £83m takeover bid from Frasers Group, the retail company owned by billionaire Mike Ashley.

The offer, which was submitted by Frasers Group last week, was rejected by Mulberry's board, citing that the bid undervalued the company.

Mulberry is owned by the billionaire Challice family, who are not willing to sell their prized asset at such a low price. The family has built Mulberry into a global fashion brand, known for its high-quality leather handbags and shoes.

Mike Ashley, the founder of Sports Direct, has been trying to expand his retail empire through acquisitions. However, his offer for Mulberry has been met with resistance from the company's owners.

A spokesperson for Mulberry said, 'The board of Mulberry has carefully considered the proposal from Frasers Group and has concluded that it significantly undervalues Mulberry and its prospects.' The spokesperson added that the company will continue to operate as usual, focusing on its growth strategy.

Shares in Mulberry rose by 10% following the news, as investors welcomed the company's decision to reject the takeover bid.

The rejection of Mike Ashley's offer is a significant blow to his plans to expand Frasers Group's portfolio of brands. The company has been actively seeking acquisitions in the fashion and retail sectors.

Mulberry, on the other hand, is expected to continue its growth strategy, which includes expanding its online presence and opening new stores globally.