LONDON — Mulberry’s majority owner Challice Ltd. has asked Frasers Group to cease its pursuit of the accessories brand, and said any attempt at a takeover will fail.

Challice was responding to Frasers’ updated offer for the company, which was lodged after the market closed on Friday. Frasers has increased its proposed cash offer to about 111 million pounds from 83 million pounds, equivalent to 1.50 pounds for each Mulberry share.

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In response, Challice reiterated its support for Mulberry, argued that it was an “inopportune time” for the company to be sold, and asked Frasers to walk away.

Challice, which is controlled by the Singapore-based Ong Beng Seng and his wife Christina Ong, described Frasers as a “supportive minority shareholder,” but said it has “no interest” in either selling its Mulberry shares to Frasers, or providing Frasers with any undertakings with regard to its possible offer.

It was the second time in less than two weeks that Challice has rebuffed Frasers, which made its first play for the loss-making Mulberry in late September.

Per stock exchange rules, Frasers has to deliver a firm and final offer to the Mulberry board, or announce that it does not intend to make an offer, by no later than 5 p.m. London time on Oct. 28.

In its statement, Challice described Frasers’ advances as “distracting” both to the company and its management.

Challice also noted that Frasers would need to secure control of more than 50 percent of the issued Mulberry shares for any offer to be successful. Challice, which holds a 56.4 percent stake in Mulberry, argued that without its support, any offer would fail.

“Challice hopes that by making its position clear, Frasers will be encouraged to announce that it does not intend to make an offer for Mulberry,” the statement said.

Challice, which has been a majority shareholder in Mulberry since 2002, has been down this road before with Frasers. This is the second time in four years that Frasers, which was founded and is ultimately controlled by retail tycoon Mike Ashley, has made a run at Mulberry.

In 2020, Ashley built up a stake so high that he was forced to make a bid or leave the company. He eventually walked away.

Ashley specializes in buying stakes in distressed companies, or in companies such as Mulberry, which sell through his retail chains.