4 Apr 2022
British Fashion Brand Ted Baker to Sell Itself to Interested Buyers
The Index Today
U.K. fashion house Ted Baker announced on Monday its decision to sell itself following moves from private equity company Sycamore and another third party entity.
According to Reuters, following this Ted Baker’s shares surged by up to 11% to 142.6 pence.
This comes after Ted Baker turned down an unbidden acquisition overture from New York’s Sycamore after the firm allegedly inaccurately valued the British retailer at 253.8 million pounds ($332.86 million). However, Ted Baker revealed in a statement that Sycamore had put forth a third proposal, "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."
The company revealed that it will encourage interested parties to take part in the first phase of the sale after which a select number of bidders will be called for the second phase.