Ted Baker rises on report Juicy Couture owner nears takeover

Could 30 (Reuters) – Shares in Ted Baker (TED.L) rose 3.1% on Monday following a report that Juicy Couture proprietor Genuine Manufacturers (AUTH.N) is the British trend chain’s most well-liked bidder and that the 2 companies may agree on a 300 million pound ($379.35 million) deal.

Ted Baker put itself up on the market in April, and final week mentioned it had picked a most well-liked suitor to take ahead the method after a flurry of revised proposals. learn extra

Sky Information reported on Saturday that Genuine Manufacturers has indicated it’s prepared to pay greater than 150 pence per share for the corporate. At their peak in 2015, shares of Ted Baker have been buying and selling at 2,972 pence apiece.

Ted Baker and Genuine Manufacturers didn’t instantly reply to Reuters requests for remark.

Identified for its fits, shirts and attire with quirky particulars, Ted Baker is in the midst of a turnaround plan and had rejected a number of bids from private-equity group Sycamore earlier than launching the sale course of.

Final week, Ted Baker posted a smaller annual loss and pointed to strong gross sales within the coming months as demand for workplace and leisure put on rebounds. learn extra

($1 = 0.7908 kilos)

Reporting by Pushkala Aripaka in Bengaluru; Enhancing by Sherry Jacob-Phillips

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