Ted Baker has has decided to start a formal sales process after receiving a sweetened offer from its US suitor.
The fashion brand confirmed last month that it had rejected two takeover approaches from Sycamore Partners, which would have valued the business at £254m.
Since the buyout firm’s last approach at 137½p a share, Ted Baker said it had received a third proposal and “other unsolicited third-party bid interest”.
It said: “In view of the interest expressed by potential offerors, and having consulted its major shareholders, the board has decided to conduct an orderly process to establish whether there is a bidder prepared to offer a value that the board considers attractive relative to the standalone prospects of Ted Baker as a listed company.”
Shares in Ted Baker have risen by 18½p, or 14.4%, to 146½p, valuing the company at £270m.
It has 550 shops and concessions.
