Ted Baker Plc has received not one, but two offers from Sycamore Partners, the British clothing retailer announced on Monday. The company rejected both offers.
At the beginning of the month it was announced that the US financial investor Sycamore Partners was considering a takeover bid for Ted Baker. This was announced by both parties in a press release at the time. Ted Baker Plc is now responding that the company received a takeover bid on March 18 which it has rejected. Sycamore Partners then amended the offer, but Ted Baker Plc still did not approve.
“Ted Baker’s board of directors, together with advisors, have carefully reviewed Sycamore’s offers and have concluded that they significantly undervalue Ted Baker and do not compensate shareholders for the benefits of the fact that Ted Baker Plc is a publicly traded company.”
Sycamore Partners has until April 15 at 5 p.m. to submit another offer. It is not clear if this will happen.
Sycamore Partners has already submitted two takeover bids for Ted Baker
Ted Baker Plc has unveiled a 2020 restructuring plan after the company slipped into the red. CEO Rachel Osborne said last February that the company was making good progress on its transformation. “Ted is emerging from the pandemic stronger and resilient, and we look forward to the future,” she said. Sales and operating income slumped early in the pandemic, but recent financial reports show a solid recovery in sales.
This translated post previously appeared on FashionUnited.nl.