Ted Baker PLC - London-based fashion retailer - Shares are suspended from trading on the London Main Market on Friday and will be delisted from the start of trade on Monday, as Ted Baker's acquisition by the US's Authentic Brands Group becomes effective. The GBP211 million deal was approved by Ted Baker shareholders at the end of September, and the scheme of arrangement got court sanction on Wednesday.
Reebok-owner Authentic Brands is paying 110 pence per share. At their height, in late 2015, Ted Baker shares changed hands at GBP29 each, and the company was a FTSE 250 constituent. But it soon suffered a series of setbacks. Complaints of inappropriate hugging were made against then-chief executive Ray Kelvin, who departed late in 2018. It then went through three CEOs within a year and issued a string of profit warnings.
"Ted Baker is a unique British brand with a strong global presence," says Interim Chair Helena Feltham. "Under the stewardship of ABG, I am confident that the brand will move from strength to strength and achieve its long-term potential."
By Tom Waite; thomaslwaite@alliancenews.com
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