{"id":214276,"date":"2022-08-16T13:50:00","date_gmt":"2022-08-16T12:50:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=214276"},"modified":"2022-08-16T14:22:43","modified_gmt":"2022-08-16T13:22:43","slug":"ted-baker-agrees-to-211m-cash-offer-from-authentic-brands-group","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/ted-baker-agrees-to-211m-cash-offer-from-authentic-brands-group\/","title":{"rendered":"Ted Baker agrees to \u00a3211m cash offer from Authentic Brands Group"},"content":{"rendered":"

US-based Authentic Brands Group<\/a> (ABG) has agreed to a \u00a3211 million deal to acquire the Ted Baker<\/a><\/span> business, giving shareholders 110 pence in cash for each share.<\/strong><\/p>\n

ABG is a global brand management company headquartered in New York, which \"owns, manages, and seeks to elevate the long-term value of a global portfolio of brands\".<\/p>\n

During the past twelve years, ABG has acquired majority ownership interests in over 50 brands including Reebok<\/a><\/span>, Nautica and David Beckham.<\/p>\n

The retailer, advised by Evercore and Blackdown, said the cash offer is final and will not be improved or revised unless Bidco (a newly established company for the purposes of making the acquisition) deems it necessary in the case of an offer by another third party.<\/p>\n

Ted Baker has recommended that its shareholders vote in favour of the scheme and its proposed resolutions at a court meeting and general meeting. At least 75% of shareholders must approve of the proposal.<\/p>\n

According to the retailer, its directors and certain shareholders, representing over 50% of its shares, have already voted in favour of the cash offer.<\/p>\n

The company had previously said its board had \u201cselected a preferred counterparty to take forward into a process of confirmatory due diligence\u201d, but did not name the bidder.<\/p>\n

In March, Ted Baker rejected two bids from Sycamore Partners, the latter of which valued it at \u00a3254 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.<\/p>\n

Jamie Salter, Founder, Chairman and CEO of ABG, said: \"Ted Baker is a highly regarded, uniquely British brand whose strong fashion credibility resonates with consumers around the world. We are excited to build on the brand's global foundation through a business model focused on licensing, wholesale, retail, digital and strategic marketing partnerships.\"<\/p>\n

Helena Feltham, Interim Chair of Ted Baker, added: \"In April 2022, after receiving a number of unsolicited bid proposals and having consulted with our major shareholders, the Ted Baker Board decided to launch a formal sale process to evaluate interest in the business. The process was thorough and attracted global interest.<\/p>\n

\"Today, we are announcing an all-cash offer from ABG. The Ted Baker Board believes the offer, which is supported by Ted Baker shareholders with a majority of shares, represents a fair value for shareholders and balances the company's growth prospects with the risks of the uncertain economic environment in which the business is operating.<\/p>\n

\"We are confident that with ABG's experience, reach and investment, the Ted Baker brand will be capable of achieving its long-term global potential.\"<\/p>\n","protected":false},"excerpt":{"rendered":"

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