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New
York-based Sycamore, which specialises in deals in the
struggling retail sector, has until April 15 to make a firm
offer for the London-listed Ted Baker. Sycamore said there was
no certainty an offer would be made and did not disclose what
the terms might be for any deal.
Ted Baker said it has not received an offer but would evaluate
any proposal, although it was confident in its independent
prospects.
Shares of the upmarket retailer jumped 20% on Friday but were
still trading just above a pound each, compared with the nearly
30 pounds it was worth in 2015, giving it a current market
valuation of nearly 220 million pounds ($289.26 million),
Refinitiv Eikon data showed.
Takeover interest in British companies, ranging from defence
groups to a leading supermarket, is its highest in years, as the
pandemic and uncertainties linked to Britain's departure from
the European Union have reduced valuations.
Ted Baker is in the middle of three-year turnaround plan under
boss Rachel Osborne as it tries to boost its online presence and
rebuild its image after profit warnings and accounting issues.
Osborne took charge in 2019 in a management reshuffle that
included the exit of former chief executive Ray Kelvin following
allegations of inappropriate behaviour. Kelvin has denied the
allegations and retains a nearly 12% stake in the company he
founded in 1988 in Glasgow.
Ted Baker, which has nearly 400 locations mostly in Europe,
North America and the United Kingdom, said in February it was
"cautiously optimistic" about outlook for the current year as
people slowly return to working in offices.
($1 = 0.7606 pounds)
(Reporting by Chris Peters in Bengaluru; Editing by Subhranshu
Sahu, Anil D'Silva and Barbara Lewis)
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