US firm Sycamore Partners mulls takeover deal for Ted Baker
Ted Baker, which has seen its shares slide by almost 95 per cent over the past four years, saw its stock leap higher on Friday morning
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.New York private equity firm Sycamore Partners is eyeing up a potential move to buy UK fashion brand Ted Baker.
The retail investor, which has previously owned brands including Kurt Geiger, confirmed it is considering the takeover approach following reports by Sky News.
Ted Baker, which has seen its shares slide by almost 95 per cent over the past four years, saw its stock leap higher on Friday morning.
In a statement, Sycamore said: “The company confirms that it is in the early stages of considering making a possible cash offer for Ted Baker. There can be no certainty that an offer will ultimately be made nor as to the terms on which any offer may be made.”
In order to comply with takeover rules, Sycamore must now confirm by 5pm on 15 April whether it plans to make a firm offer or walk away.
Ted Baker has not yet commented on the takeover speculation.
The fashion business is currently in the middle of a three-year turnaround plan under chief Rachel Osborne.
The group is seeking to rebuild its image and profitability after a turbulent period in which it has suffered accounting issues, profit warnings, and the resignation of founder Ray Kelvin in 2019 after allegations of misconduct. He denied the allegations.
Last month, Ted Baker said sales had shot up by more than a third in the three months to the end of January, as it was boosted by a strong performance from womenswear in the run-up to Christmas.
Shares in the business were 17.3 per cent higher at 115.8p in early trading.