Ted Baker has recommended Authentic Brands’ £211m cash takeover offer.
The American bidder is believed to have withdrawn a higher offer of around 160p per share for the London-listed fashion retailer in June. It has now come back with a 110p-per-sharee proposal. Although lower, the revised price is still a 20% premium to Ted Baker’s closing share price last night.
Ted Baker has 550 high street stores and concessions and in May reported narrowing losses from 107.7m to £44.1m, with sales up 20% to £428.2m.
Authentic Brands bought Reebok from Adidas last year and also owns the Juicy Couture brand, as well as the rights to Marilyn Monroe’s image.
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