Ted Baker said on Monday that it had rejected two unsolicited non-binding takeover proposals from private equity firm Sycamore.
The fashion retailer said Sycamore made a 130p a share cash proposal on 18 March and another at 137.5p a share on 22 March.
“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.”
The company added that there can be no certainty any firm offer will be made nor as to the terms on which any firm offer might be made. It urged shareholders to take no action.
