Ted Baker rejects takeover proposals from Sycamore
Following recent press speculation, Ted Baker has confirmed that it has rejected two unsolicited non-binding takeover proposals from private equity firm Sycamore Partners.
In a statement, the fashion retailer said Sycamore made an offer of 130 pence for each Ted Baker share on 18 March and submitted a revised proposal of 137.5 pence for each share on 22 March. Both offers were rejected.
Ted Baker said: “The board of Ted Baker carefully reviewed both of Sycamore’s proposals with its advisers and concluded they significantly undervalued Ted Baker and failed to compensate shareholders for the significant upside that can be delivered by Ted Baker as a listed company.
“Ted Baker is a leading global brand with a strong future. The management actions taken over the last two years have put the business on a firm footing and it is now well on the way to recovery following a turbulent period. The Board is focused on delivering value for Ted Baker’s shareholders well in excess of the price offered by Sycamore.”
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