British retailer Mulberry has announced that it is evaluating Frasers’ second bid for the firm, despite a lack of interest from its majority shareholder, Challice. In light of Frasers’ £111m bid, the luxury brand is “working with advisers to consider the company’s position,

Mike Ashley’s Frasers Group PLC’s ($GB:FRAS) increased takeover offer to acquire the Mulberry Group ($GB:MUL) has been turned down by the fashion

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.

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Mulberry Group said its majority shareholder rejected a sweetened offer from Frasers Group to take full ownership of the British luxury brand for 72 million pounds ($94.1 million) that sent shares sharply higher.

UK's Mulberry said on Monday its top investor Challice has declined to sell shares in the company to Frasers after the sportswear and apparel retailer last week sweetened takeover bid for the luxury brand.

The majority owner of Mulberry has called on Mike Ashley's Frasers Group to abandon its takeover interest in the struggling luxury brand.