Mulberry said its largest shareholder has rejected a fresh takeover approach from Mike Ashley’s Frasers Group for the luxury handbag maker. The London-listed fashion firm told shareholders on Monday morning it is working with advisers from Houlihan to consider its position. It added that a further announcement will be made in due course. On Friday, Sports Direct owner Frasers Group tabled a sweetened £111 million approach to buy Mulberry. Frasers – which has increased its luxury business in recent years, including building up its stake in Hugo Boss – already owns a roughly 37% stake in the company. It offered to pay 150p per share for the rest of the business it did not already own in order to take control. It came after a previous 130p per share move, which valued Mulberry at £83 million, was rebuffed earlier this month. On Monday, Mulberry confirmed that its largest shareholder Challice, a group controlled by Singaporean entrepreneur Christina Ong and husband Ong Beng Seng, said they did not plan to sell to Frasers. The group is majority shareholder with a roughly 56% stake in the company and would need to vote in favour for any takeover deal to be approved. Mulberry...