Sycamore was considering making a formal approach, the report said, adding that the equity firm has hired investment bank Numis to advise on the potential offer.
This comes after a Wall Street Journal report earlier this week said that Sycamore and Canada’s Hudson’s Bay plan to bid in high $60s a share for Kohl’s Corp (KSS.N). Kohl’s had previously rejected buyout offers in February.
Ted Baker and Sycamore declined Reuters requests for a comment.
Ted Baker’s shares closed up 8.88% on Thursday at 98.75 pence, giving the company a total valuation of 182.3 million pounds ($239.65 million), Reuters calculations based on Refinitiv Eikon data showed.
In February, Ted Baker said it is “cautiously optimistic” about the outlook for the current year after a 35% year-on-year jump in sales in the fourth quarter, a period when pandemic-related restrictions were still in place.
Source: Reuters
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