British clothing retailer Ted Baker is now open for sale

A week after declining two buyout offers from a US private equity investor, British fashion retailer Ted Baker said it was ready to consider a sale.

The company released a statement on Monday (April 4) indicating that its board “has decided to conduct an orderly process to determine whether there is a willing bidder to offer value that the board considers attractive relative to to the standalone prospects of Ted Baker as a publicly traded company.”

Last week, Ted Baker said he had rejected takeover bids from Sycamore Partners Management, saying the proposals did not ‘compensate shareholders for the significant benefit Ted Baker can bring as a publicly traded company’ .

Read more: Britain’s Ted Baker declines Sycamore takeover offers

Sycamore’s first offer was for 130 pence per share. The investor followed that up by raising its offer to 137.5 pence per share, which would have valued Ted Baker at 253.8 million pounds (about $333.7 million).

Since then, the company said it had received an “enhanced proposal from Sycamore”, as well as other “unsolicited third-party bid interests” for the retailer.

“The Board of Directors believes that the company is well positioned to create significant shareholder value,” the company’s statement said.

Going forward, the company said it “intends to conduct a focused process, focusing on parties who understand and appreciate the full potential of this unique brand.”

See also: UK retailer Ted Baker could be taken over by US investor

She invited interested parties to submit non-binding indicative offers, with a few of them being invited to participate in a second phase of the sales process. Ted Baker said he had not yet asked Sycamore if it wanted to participate in the formal sale process and the investor had until 5 p.m. on April 15 to make its intentions known.

Ted Baker is in the middle of a three-year turnaround project aimed at strengthening its online presence and improving its image.

In the summer of 2021, the chain tested pop-up stores in small towns as it battled declining sales during the pandemic.

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Anne G. Cash