UK luxury handbag retailer Mulberry has rejected a $144-million bid from the Frasers Group, terming it untenable.
Frasers raised its offer to 150 pence per share from 130 pence, valuing Mulberry at $108.3-million.
However, the retailer’s biggest shareholder Challice turned down the proposal.
The Mulberry board today said the firm should focus its attention on driving commercial performance.