UK Clothing Retailer Ted Baker Now Open to Sale

One week after declining a pair of takeover offers from an American private equity investor, British fashion retailer Ted Baker said it’s ready to consider a sale.

The company released a statement Monday (April 4) saying its board  “has decided to conduct an orderly process to establish whether there is a bidder prepared to offer a value that the Board considers attractive relative to the standalone prospects of Ted Baker as a listed company.”

Last week, Ted Baker said it had rejected takeover offers from Sycamore Partners Management, saying the proposals did not “compensate shareholders for the significant upside that can be delivered by Ted Baker as a listed company.”

Read more: UK’s Ted Baker Declines Sycamore’s Takeover Offers

Sycamore’s first offer proposed 130 pence per share. The investor followed that 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 “improved proposal from Sycamore,” as well as other “unsolicited third-party bid interest” in the retailer.

“The Board believes the business is well-positioned to create significant value for shareholders,” the company statement said.

Now, the company said it “intends to conduct a targeted process, focused on those parties who understand and value the full potential of this unique brand.”

See also: British Retailer Ted Baker Could Be Purchased by US Investor

It has invited interested parties to submit non-binding indicative offers, with a few of those parties invited to take part in a second phase of the sales process. Ted Baker said it hasn’t yet asked Sycamore whether it wants to take part in the formal sales process and that the investor has 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 boosting its online presence and improving its image.

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