© Reuters. ARCHIVE PHOTO: People walk past a Ted Baker store on Floral Street in London, UK, on April 3, 2022. Image taken on April 3, 2022. REUTERS / Peter Nicholls / File Photo
(Reuters) – Ted Baker’s shares rose 3.1% on Monday after a report that Juicy Couture owner Authentic Brands is the preferred bidder for the British fashion chain and that the two companies could agree a £ 300 million deal ($ 379.35 million).
Ted Baker went on sale in April and last week said he had chosen a preferred suitor to take the process forward after a flurry of revised proposals.
Sky News reported on Saturday that Authentic Brands has indicated it is willing to pay more than 150 cents per share for the company. At its peak in 2015, Ted Baker’s shares were trading at 2,972 pence each.
Ted Baker and Authentic Brands did not immediately respond to requests for comment from Reuters.
Known for his outfits, shirts and dresses with quirky details, Ted Baker is in the middle of a change plan and had turned down several offers from private equity group Sycamore before starting the sale process.
Last week, Ted Baker posted a smaller annual loss and noted robust sales in the coming months as demand for office and leisure clothing rebounded.
($ 1 = £ 0.7908)