Reebok owner ABG leads race to seal £300m Ted Baker takeover
Authentic Brands Group (ABG) is the preferred bidder for the fashion retailer and is reportedly finalising a £300 million takeover bid of the fashion retailer.
US-based ABG is reportedly willing to pay more than 150p-a-share for Ted Baker. The retailer said its board had “selected a preferred counterparty to take forward into a process of confirmatory due diligence”, but did not name the bidder.
Run by the billionaire businessman Jamie Salter, the privately held American company was recently valued at nearly £10.3 billion after selling “significant equity stakes” to CVC Capital Partners, the Six Nations Rugby shareholder, and HPS Investment Partners.
Ted Baker would represent ABG’s most prominent British takeover to date. ABG's interest in Ted Baker was revealed by Sky News last month, with the business among several parties who have been in discussion with Ted Baker's financial advisers.
In March, Ted Baker rejected two bids from Sycamore Partners, the latter of which valued it at £254 million. The business formally put itself up for sale in April after Sycamore came back with a third bid and having received another unsolicited bid.