// Ted Baker is being eyed by the US-based owner of Reebok, Authentic Brands Group
// The company is willing to pay more than 150p-a-share for Ted Baker
The US-based owner of Reebok, which also owns a controlling stake in David Beckham’s portfolio of branded products, is being advised by Bank of America on a bid for Ted Baker.
Authentic Brands Group (ABG) is the preferred bidder for Ted Baker and is competing to finalise a £300 million takeover of the fashion retailer.
The company is willing to pay more than 150p-a-share for Ted Baker, Sky News reported.
READ MORE: Ted Baker sales grow but cautions on inflation
Ted Baker said its board had “selected a preferred counterparty to take forward into a process of confirmatory due diligence”, but declined to name the bidder.
ABG is run by the billionaire businessman Jamie Salter.
It was recently valued at nearly $13 billion (£10.3 billion) after selling “significant equity stakes” to CVC Capital Partners, the Six Nations Rugby shareholder, and HPS Investment Partners.
Other than Beckham’s branded goods division, Ted Baker would represent ABG’s most prominent British takeover to date.
Evercore and Blackdown Partners are advising Ted Baker.
Shares in Ted Baker closed on Friday at 135.8p, valuing the company at £251 million.
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