Battle for control: Frasers Group, Mulberry’s second largest investor, bought £4m of shares in the British fashion house
The battle for control of Mulberry took a dramatic turn yesterday as Mike Ashley upped his stake.
Meanwhile, the firm’s biggest shareholder was charged in Singapore over his alleged role in a scandal involving thousands of pounds of gifts given to a former minister.
Frasers Group, Mulberry’s second largest investor, bought £4m of shares in the British fashion house.
That took Sports Direct tycoon Ashley’s stake to around 37pc as he mulls a fresh takeover offer for the struggling handbag maker.
It came just days after Frasers’ £83m bid to buy Mulberry was fiercely opposed by the board.
Mulberry said Singaporean power couple Ong Beng Seng and his wife Christina, who are the designer’s biggest shareholders with a 56pc stake, had ‘no interest’ in the Frasers’ offer.
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But in a twist, Ong, 78, was yesterday charged with abetting a former transport minister. On Wednesday S. Iswaran was sentenced to 12 months in jail for obstructing justice and improperly receiving gifts as a public servant.
Ong has not yet commented on the accusations.
The businessman reportedly did not enter a plea yesterday.
He and Ashley have clashed as they fight for control of Mulberry, which has been hit by a slowdown in demand for its luxury goods. Under takeover rules, Frasers has until October 28 to make a firm offer for Mulberry or walk away.
