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Ted Baker puts itself up for sale as bids for the business intensify

Fashion chain, Ted Baker, has launched a formal sale process after receiving a third takeover move by US private equity suitor Sycamore Partners. Shares in the company… View Article

FASHION RETAIL NEWS UK

Ted Baker puts itself up for sale as bids for the business intensify

Fashion chain, Ted Baker, has launched a formal sale process after receiving a third takeover move by US private equity suitor Sycamore Partners.

Shares in the company jumped on Monday morning after the fashion brand said it had also received another “unsolicited” approach by an unnamed party. It comes a week after Ted Baker rejected two takeover approaches by Sycamore, the latter of which valued the business at £254 million.

Shares moved 12% higher to 143.6p on Monday morning, valuing the company at around £265 million. However, the firm’s shares were trading as high as 2,500p just four years ago.

The first proposals were rejected after they “significantly undervalued” Ted Baker, the company board said. The retail firm did not disclose the value of the latest approach by Sycamore or the unnamed third party.

The retailer is now inviting proposals from interested parties during the first phase of its formal sale process. It has not yet had any discussions with Sycamore as to whether the US firm wishes to participate.

Ted Baker said: “In view of the interest expressed by potential offerors, and having consulted its major shareholders, the board has decided to conduct an orderly process to establish whether there is a bidder prepared to offer a value that the board considers attractive relative to the standalone prospects of Ted Baker as a listed company.

“Parties interested in making a proposal should contact Ted Baker’s financial advisers: Evercore and Blackdown Partners.”

 

 

 

 

 

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