(Bloomberg) -- Mike Ashley’s Frasers Group Plc has made a revised bid to buy the whole of Mulberry Group Plc after the British handbag maker declined an initial offer.
Frasers, which already owns 37% Mulberry, submitted a non-binding indicative offer of 150 pence per share for the remaining equity, valuing the company at approximately £111 million ($145 million), according to an announcement Friday. Mulberry’s market capitalization currently stands at £79.3 million.
The offer is an increase from Frasers’ previous bid of 130 pence per share, which Mulberry said undervalues the company and lacks the support of Singapore’s Ong family, its majority shareholder.
Mulberry’s stock has fallen almost 14% since declining Frasers’ offer earlier this month, bringing the shares’ drop to more than 40% over the past 12 months. The handbag maker has been hit hard by the global slump in luxury spending, reporting a plunge in revenue for the latest fiscal year.
Frasers said it hasn’t received a response to the revised proposal from Mulberry’s board.
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