Frasers Group released a statement on Friday regarding its involvement with N Brown and Mulberry, emphasizing its preference for leadership teams that are open to engaging in discussions about business ownership. The company expressed its intention to connect with Mulberry’s majority owner.
Frasers holds approximately 37% of Mulberry and aims to acquire the remaining shares. However, controlling shareholder Challice has been resistant to Frasers’ attempts, even after issuing new shares at a significantly lower price than what Frasers is willing to offer.
In contrast, N Brown announced this week that its controlling shareholder family will buy the remaining shares, including Frasers’ substantial 20% stake.
Frasers confirmed that it has signed an irrevocable agreement to support the cash acquisition of N Brown Group by Falcon 24 Topco Limited, controlled by Joshua Alliance, as announced on October 17. This acquisition values N Brown at 40p per share, a price at which Frasers stated it would have been a willing buyer or seller. Frasers expressed its intentions to divest its entire shareholding while looking forward to a strategic relationship with Joshua Alliance and the N Brown management team after the acquisition. The company also thanked N Brown and Joshua Alliance for their strong engagement prior to the acquisition announcement.
This point highlighted Frasers’ frustration with Challice, who has not engaged with them regarding Mulberry.
Frasers referenced its earlier announcement on October 11 about a revised cash offer of 150p per share for the remaining shares of Mulberry Group. The company believes this proposal deserves serious consideration but has yet to receive formal feedback from Mulberry’s board.
Additionally, Frasers noted Challice’s announcement on October 13, which stated that Challice is not interested in selling its Mulberry shares to Frasers or providing any commitments regarding the potential offer. Consequently, Frasers is attempting to engage directly with Challice.
Related topics:
- Dazzle On Your 30th: Best Plus Size Dresses For Birthdays
- 5 Ways To Style The Bella Dahl Maxi Shirt Dress
- How To Accessorize Betsy & Adam Plus Size Dresses Effortlessly