British fashion retailer Ted Baker said on Monday it had launched a formal sale process, after private equity firm Sycamore improved its takeover proposal and another third party also showed interest in bidding for the company.The news comes a week after Ted Baker rejected a second unsolicited takeover proposal from New York-based Sycamore that valued the retailer at 253.8 million pounds , saying it significantly undervalued the group.
“The Board has decided to conduct 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,” the company said in a statement. The company said it seeks to invite proposals from interested parties during the first phase of the sale process, following which it expects a select number of bidders to participate in a second phase.
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