31 March 2022, Mumbai:
Ted Baker, a well-known British clothing store, has turned down two acquisition offers from Sycamore Partners, a private equity group based in the United States.
The British apparel store said that the US corporation initially made a 130 pence offer on March 18 and then followed up with a 137.5 pence offer a few days later (22 March). Both approaches were rejected, according to the apparel store, since they dramatically undervalued the company.
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"The board of Ted Baker thoroughly studied both of Sycamore's proposals with its advisers," Ted Baker said, "and the proposals substantially undervalued Ted Baker and failed to reward shareholders for the tremendous upside that Ted Baker can bring as a listed business."
According to reports, the board of directors wants to provide value to the retailer's stockholders that is far greater than the price proposed by Sycamore Partners.
Under UK Takeover Panel guidelines, the deadline to make a definite bid or walk away is now April 15, 2022. Ted Baker is a womenswear, menswear, and childrenswear brand that was founded in 1988.
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CREDITS: Retail Insight Network & Apparel Resources.
