Mulberry Wants to Go It Alone, Rejects Frasers Takeover Bid

Mulberry Group Plc has rejected a takeover approach from Mike Ashley’s Frasers Group Plc and said it’s confident its new CEO can turn around the British handbag maker.

In a move that sets the scene for a potentially heated takeover battle, Mulberry said the 130 pence-a-share offer from Frasers undervalues the company and does not have the support of Singapore’s Ong family, the majority shareholder of Mulberry.

The company’s stock fell more than 3 percent early Tuesday, adding to around…