Bluestar Alliance is among the firms that is bidding for Ted Baker, the women’s and men’s London-based retailer, according to market sources.
The company has reportedly made it to the second round. Ted Baker’s board will be making the final decision on who the brand will be sold to from the parties that have submitted offers. As reported, others bidding for the firm include Authentic Brands Group and Sycamore Partners, as well as Delta Galil Industries.
Ted Baker has said previously it had received “a number of non-binding proposals” from potentially interested parties and invited a “focused selection” of those interested to sign non-disclosure agreements, and take a look at the books.
Founded by Joseph Gabbay and Ralph Gindi, Bluestar owns, manages and markets a portfolio of consumer brands that include Hurley, Justice, Brookstone, Tahari, Bebe, Kensie, Catherine Malandrino, Nanette Lepore, English Laundry and Limited Too.
Bluestar Alliance officials declined comment Friday.
Sources indicated that Bluestar is in talks with Ray Kelvin, the founder and former chief executive officer of Ted Baker to bring him back on board if Bluestar succeeds in making the acquisition.
As reported, the publicly traded Ted Baker officially put itself up for sale in April, following a series of bids by New York-based Sycamore to buy the business, all of which were rejected for being too low. It was reported that Sycamore offered 1.30 pounds a share and then returned with 1.38 pounds a share. The third offer was not revealed.
In a move intended to maximize value for shareholders, the Ted Baker board said it would solicit other interested parties and instituted “an orderly process to establish whether there is a bidder prepared to offer a value that the board considers attractive, relative to the stand-alone prospects of Ted Baker as a listed company.”
Ted Baker told anyone interested in submitting a bid to contact its financial advisers, Evercore and Blackdown Partners. Ted Baker had said it planned to conduct a “targeted,” multiphase sales process “focused on those parties who understand the value the full potential of this unique brand.”
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