The majority shareholder in luxury brand Mulberry on Sunday said it had no interest in selling any of its stake to sportswear and apparel retailer Frasers Group , in a statement designed to end Frasers' takeover attempt.

Frasers has once again had a bid to acquire luxury brand Mulberry rebuffed after its majority shareholder, Challice, said it had no plans to sell.

British luxury brand Mulberry said on Monday it is working with advisers to evaluate Frasers' sweetened 111 million pound ($145.1 million) takeover proposal, after its top investor Challice declined to sell shares to the sportswear retailer.

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

Challice Limited, which owns a 56 per cent stake in Mulberry, declared on Friday that it had 'no interest' in selling its shares in the luxury fashion brand to Frasers.

(Reuters) -British sportswear and apparel retailer Frasers Group revised its takeover bid for Mulberry to 150 pence per share on Friday, valuing the company at 111 million pounds ($145.11 million). Mulberry's second-largest shareholder Frasers increased the bid after the luxury brand rejected its initial offer of 83 million pounds saying it undervalued the company.

Shares of Mulberry Group (LON:MUL) surged by 12% following a revised possible takeover offer from Frasers Group Plc. The luxury fashion company’s stock jumped after Frasers, which already holds a substantial stake in Mulberry,