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• Ted Baker stock was up more than 16% at 9:12 AM in London
Authentic Brands Group, the retail conglomerate that owns businesses including Reebok, Forever 21 and Juicy Couture, has struck a deal to buy U.K. fashion chain Ted Baker for about £211 million, or $254 million.
The New York-based company said Tuesday there were “significant growth opportunities for the Ted Baker brand in North America” in particular, and that taking the business private would enable a restructuring that would “maximize its future potential.”
Last year Authentic Brands bought Reebok. Ted Baker is being sold via a UK arrangement that requires 75% approval from shareholders. It’s expected to be completed during the fourth quarter, reported Bloomberg.
Ted Baker stock was up more than 16% at 9:12 a.m. in London. The company’s directors are unanimously recommending the deal.
Source - Bloomberg
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