Fashion retailer Ted Baker said on Monday that it was kicking off a formal sale process after receiving an improved takeover offer from US private equity firm Sycamore and following other unsolicited third party interest.
The company announced at the end of last month that it had rejected two offers from Sycamore on the basis that they “significantly undervalued” the business. Since then, Sycamore has upped its takeover proposal and another third party has shown interest.
The company said its board has not yet had any discussions with Sycamore as to whether it wishes to participate in the formal sale process. If Sycamore does not confirm an intention to participate, it will still be subject to a UK Takeover deadline of 15 April to either announce a firm intention to make an offer or walk away.
“The company intends to conduct a targeted process, focused on those parties who understand and value the full potential of this unique brand,” it said.
“The first phase of the process is expected to be based on public information only and interested parties will be invited to submit non-binding indicative offers to Evercore and Blackdown Partners. It is currently expected that a select number of parties will be invited to participate in a second phase.”
At 0940 BST, the shares were up 10% at 141.20p.
