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The board of Ted Baker PLC has confirmed it has rejected two unsolicited non-binding proposals from Sycamore Partners Management L.P., following press speculation.
Ted Baker said Sycamore “significantly undervalued” the company and “failed” to compensate shareholders for the “significant upside that can be delivered by Ted Baker as a listed company”.
On 18 March 2022, Sycamore made a proposal to offer 130 pence for each Ted Baker share.
Following the Ted Baker board’s rejection of the first proposal, Sycamore submitted a revised proposal on 22 March 2022 under which the company would offer 137.5 pence for each Ted Baker share, an increase of 5.8% on the first proposal, which the board also rejected.
Ted Baker said: “The management actions taken over the last two years have put the business on a firm footing and it is now well on the way to recovery following a turbulent period. The board is focused on delivering value for Ted Baker’s shareholders well in excess of the price offered by Sycamore.”
