// Ted Baker kicks off a formal sale process for the business after rejecting a series of unsolicited bids
// The sale process allows talks with interested bidders to take place on a confidential basis
Ted Baker has launched a formal sale process after rejecting a series of unsolicited bids from the US private equity firm Sycamore Partners and an unnamed third party.
Last month, Ted Baker received two non-binding proposals from Sycamore Partners, a group that previously owned the British shoe shop chains Kurt Geiger and Nine West but both were rejected because the retailer felt they “significantly undervalued” the business.
The second proposal, which was rejected last week, valued Ted Baker at £253.8m.
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The retailer has now received an “improved proposal” from Sycamore, as well as a bid from a third party interested in the company however, Ted Baker did not disclose the value of either of the fresh bids for the business.
Shares jumped by more than 12% when news of the third proposal was revealed, though Ted Baker did not identify the other party said to have shown interest in a takeover.
The sale process allows talks with interested bidders to take place on a confidential basis.