(Alliance News) - US consumer goods group Authentic Brands Group is on the verge of announcing a GBP200 million takeover bid for fashion retailer Ted Baker PLC, Sky News reported Monday.
According to sources close to Ted Baker, a deal could be announced as early as Tuesday morning, with the company's board looking to recommend an offer of 110 pence per share.
Sky News reported that the offer is 31% lower than its earlier offer of 160p per share, but reflects an 18% premium to Ted Baker's closing price on Monday of 93.10 pence. Shares closed up 4.7%, and had a market capitalisation of GBP167.4 million.
Ted Baker has been in a formal sales process since April, and initially had said that Sycamore Partners Management LP, the New York-based private equity firm whose approaches had triggered the sales process, was participating. However, Ted Baker later confirmed that Sycamore was no longer participating in the sales process.
In May, Ted Baker said it had progressed talks with a preferred counterparty" into the due diligence phase, however the unnamed party had bowed out of a potential deal in June.
https://news.sky.com/story/reebok-owner-abg-seals-cut-price-200m-ted-baker-takeover-12673953
By Dayo Laniyan; dayolaniyan@alliancenews.com
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