Mulberry's top investor Challice—controlled by the Singaporean entrepreneur Christina Ong and her husband Ong Beng Seng—did not back Fraser’s bid to buy out the loss-making brand.
In an updated release, Mike Ashley-owned Frasers, Mulberry's second-largest shareholder, renewed calls for its representative to be appointed to the Mulberry board, saying it now hopes the board will engage positively on a Frasers appointee.
Mulberry rejected Frasers' second proposal worth $143.7 million early this week, saying it was ‘untenable’.
Frasers said it has become increasingly concerned over the governance of the brand, the apparent lack of a commercial plan against a backdrop of increasing market headwinds and its financial position.
Frasers said it would not like to see Mulberry exclusively engage with top shareholder Challice in private on ‘significant matters’.
ALCHEMPro News Desk (DS)
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