Authentic Brands, owner of Juicy Couture and Forever 21, has agreed to buy Ted Baker for around 211 million pounds (250.12 million euros), ending months of speculation about the fate of the British fashion group.
Losses related to the pandemic forced Ted Baker to go on sale in April, and the company named a preferred buyer the following month. However, the buyer – who was already Authentic Brands – decided in June not to bid, forcing Ted Baker to consider other options. Ted Baker has finally reached an agreement with the American group that includes Reebok among its brands, consisting in a payment of 110 pence (1.30 euros) in cash for each Ted Baker share. This represents a premium of around 18.2% over Monday’s closing price.
Both companies said the deal would not be reviewed unless a rival suitor came forward. The company had also turned down several offers from the private equity group Sycamore before it was put up for sale. The deal is the latest of many involving British companies, made more accessible to overseas buyers by the weak pound