Frasers Group, led by billionaire Mike Ashley, has decided to no longer pursue its bid to acquire Mulberry Group Plc, a British handbag manufacturer.
Frasers expressed disappointment with Mulberry's lack of response to its offer to purchase the remaining shares, despite already owning 37%.
However, Frasers still has an interest in securing a board seat at Mulberry, indicating ongoing tensions between the two companies as Frasers aims to increase its influence within the handbag maker.