The fashion retailer Ted Baker from Britain is looking to sell after a string of takeover offers. In recent months, the company has been hit hard by the pandemic and has seen its sales decline. As such, it entered the COVID in a vulnerable position, but it has subsequently received more interest from potential takeover candidates. The company has also received unsolicited third-party bids. However, the process to sell the business has not yet been fully completed.
A new deal has been announced by Sycamore Capital, a New York-based fund that specializes in retail and consumer businesses. After rejecting Sycamore’s initial offer, the retailer has invited a handful of parties to a second round of the process. But Sycamore has not yet decided whether to participate in the formal sales process. As of today, Sycamore has until April 15 to declare its intentions.
Despite the strong interest, the British company hasn’t formally launched a sale process. It just started the formal process after two unsolicited bids were rejected. After Sycamore’s proposals were turned down by the board, the company is now in the process of inviting offers. There are several unnamed bidders, and it’s unclear whether or not Sycamore will participate in the formal process. The company has been on a turnaround plan for the past three years, with the aim of improving its image and increasing online presence. In addition, the firm has tested a pop-up store concept for summer 2021, which has proven to be popular in small towns.
Asked by Reuters for comment, Sycamore declined to make any statements on the proposed deal. Reuters has reached out to the two companies, but both companies have yet to answer. Although there is a heightened level of takeover interest, no final decision has been made. The formal sale process allows the company to hold confidential talks with interested parties. But as of now, no offer has been reached.
The British company has begun a formal sale process. The process allows companies to talk with prospective buyers. It also allows the company to improve its takeover proposal. It has received interest from several investors, but it has not been contacted yet by any of these parties. The process can be delayed until the business meets the criteria. It is important to make sure the potential buyer is interested in the deal.
The UK takeover regulator has agreed to allow the company to sell itself. It has not disclosed whether it has discussed the proposal with Sycamore but did not reply to Reuters’ request for comments. The company has been working hard to restore its buyer’s confidence. The former CEO, Ray Kelvin, was reportedly fired following allegations of misconduct. He still holds almost 12% of the company.