Mike Ashley’s Frasers Raises Bid for UK Handbag Maker Mulberry

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.