(Reuters) – Juicy Couture and Forever 21 owner Authentic Brands will buy Ted Baker in a deal worth roughly 211 million pounds ($254.26 million), the companies said on Tuesday, ending months of speculation on the fate of the British fashion chain.
Ted Baker had put itself up for sale in April and picked a preferred suitor in the following month to take the process forward. However, the suitor – reported to have been Authentic Brands – in June decided not to make an offer, forcing Ted Baker to consider other options.
Tuesday’s offer price of 110 pence per Ted Baker share, recommended by the London-listed chain’s board, is at a premium of about 18.2% to the last close, and will not be revised until a rival suitor emerged, the companies said.
($1 = 0.8299 pounds)
(Reporting by Pushkala Aripaka in Bengaluru; Editing by Sherry Jacob-Phillips)
