It probably comes as no surprise at this stage in the game but on Tuesday, Mulberry said its board is rejecting the possible cash offer for the business announced by Frasers Group on Monday.

Frasers had suggested a price of 130p a share for the shares it doesn’t already own in the business (it currently has almost a 37% stake). Mulberry said it has considered the possible offer carefully, along with its financial and legal advisers, and has also consulted with and sought feedback from Challice Limited, its 56.1% majority shareholder.

It believes “that the combination of the recent appointment of Andrea Baldo as CEO alongside the recently announced Capital Raising provides the company with a solid platform to execute a turnaround and, ultimately, to deliver best value for all Mulberry shareholders”.

So it has concluded that the possible offer “does not recognise the company’s substantial future potential value. In addition, the board has been informed that Challice is supportive of the company’s strategy and has no interest in supporting the possible offer”.

The board “has no intention of withdrawing or terminating the Subscription or the Retail Offer announced on 27 September, believing that the capital raising, allowing all Mulberry Shareholders to participate on the same terms, is the fairest and most effective way of accessing additional equity funding. Recognising that Frasers is a committed and important investor in Mulberry, and has publicly stated that it would have been willing to underwrite the Subscription, the board looks forward to engaging further with Frasers regarding a pro rata participation in the Subscription”.

Under takeover rules, Frasers now has until 5pm on 28 October (unless another timescale is agreed to by the Takeover Panel) to either announce a firm intention to make an offer for Mulberry or to say it won’t.