The takeover gamble surrounding the British clothing supplier Ted Baker Plc is entering the next round. On Monday, the company announced that it had received new purchase offers. Among them is an improved offer from the financial investor Sycamore Partners Management LP, explained Ted Baker. The clothing retailer’s board of directors recently rejected two of Sycamore’s previous bids as too low.
After successful reforms, the management sees good chances for the success of Ted Baker as an independent company. However, the Board of Directors also emphasized that it intends to create the greatest possible value for its shareholders. Against this background, after consultation with important shareholders and the responsible supervisory authority UK Takeover Panel, the decision has now been made to examine incoming takeover bids as part of a multi-stage “formal sales process” that follows specified rules. Whether Sycamore will participate in this process is still open, said Ted Baker. The financial investor made his takeover interest public in mid-March.
