Ted Baker has announced it will officially throw itself up to potential takeover bids after rejecting two acquisition proposals from Sycamore Partners Management. This follows a flurry of interest in the company.
The company released a statement saying that it believes the business is well-positioned to generate significant shareholder value. Ted Baker is a global lifestyle brand that is leading and the company is making good progress in its transformation.
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After consultations with its main shareholders regarding the possible offers, the board decided to proceed with an official sale process. The board then said that it would conduct a “process of establishing whether there is a bidder willing to offer a value.”
Ted Baker’s financial advisors, Evercore or Blackdown Partners, can receive bids from interested parties on a confidential basis.
Further, the company stated that Sycamore had not yet been contacted to discuss whether Sycamore wanted to be involved in the formal sale process.
Ted Baker refused to accept a Sycamore 250 million pound takeover offer in March 2022. He stated that the bid would bring shareholders value “well beyond the price offered by Sycamore”.
This move comes as Ted Baker continues reporting positive sales growth after the impact of Omicron. According to Baker, it experienced a 35% increase in sales compared to last year. It added that its trading margin has improved as a result of the ongoing re-establishment and re-positioning of its brand positioning.