Ted Baker has rejected offers for the business, saying they “significantly undervalued” the clothing retailer.
The fashion brand said it had received an initial 130p-a-share takeover offer from Sycamore Partners on 18 March and a sweetened offer on 22 March of 137.5p per share, which valued the business at £254m.
The board of the fashion brand said it had rejected both offers after concluding that they “significantly undervalued Ted Baker and failed to compensate shareholders for the significant upside that can be delivered by Ted Baker as a listed company”.
Ted Baker, which has 560 shops and concessions, was founded by Ray Kelvin in 1988 as a men’s shirt shop in Glasgow. Its shares fell by 2.2% after news of the takeover rebuttal, valuing the business at about £227m, although they are a fifth higher than they were before the bid speculation emerged.
