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Ted Baker has received a “number of” takeover proposals from potential bidders, the fashion firm has confirmed.
Shares in the firm nudged higher after it told shareholders on Wednesday that several non-binding approaches have been made by “potentially interested parties”.
The retail business, which has nearly 400 locations, launched a formal sale process earlier this month.
It came after private equity suitor Sycamore Partners launched a third takeover approach for the brand, while it had also received a separate “unsolicited” approach by an unnamed party.
The third approach by Sycamore, which has engaged with the sale process, valued Ted Baker at around £254 million.
The company is currently trading at around 150.4p per share, valuing the business at £278 million.
It represents a significant fall from the company’s peak, when it was valued at around £1.5 billion.
On Wednesday, it said it is now inviting a “focused selection” of parties tabling proposals to enter into a due diligence process.
“There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made,” the company added.
Ted Baker was among luxury retailers hammered by the pandemic, but it had also gone into Covid in a weak spot following years of decline.
Most notably, founder and chief executive Ray Kelvin stepped away from his position after accusations of inappropriate behaviour.
Mr Kelvin, who denies the allegations, is still a shareholder in the business.