Ted Baker, has launched a formal sale process after receiving a third takeover move by US private equity suitor Sycamore Partners.
Shares in the company jumped on Monday morning after the fashion brand said it had also received another “unsolicited” approach by an unnamed party. It comes a week after Ted Baker rejected two takeover approaches by Sycamore, the latter of which valued the business at £254 million.
Shares moved 12% higher to 143.6p on Monday morning, valuing the company at around £265 million. However, the firm’s shares were trading as high as 2,500p just four years ago.
The first proposals were rejected after they “significantly undervalued” Ted Baker, the company board said. The retail firm did not disclose the value of the latest approach by Sycamore or the unnamed third party.
The retailer is now inviting proposals from interested parties during the first phase of its formal sale process. It has not yet had any discussions with Sycamore as to whether the US firm wishes to participate.
