© Reuters. The Ted Baker logo can be seen in their store at the Woodbury Common Premium Outlets in Central Valley, New York, US Feb. 15, 2022. REUTERS/Andrew Kelly

(Correction of 98.75 ‘pence’, not ‘pounds’, in paragraph 5)

(Reuters) – US private equity firm Sycamore Partners is considering a takeover bid for British fashion retailer Ted Baker, Sky News reported Thursday.

Sycamore considered taking a formal approach, the report said, adding that the equity firm 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 (NYSE:)’s Bay plan to bid a high $60sa share on Kohl’s Corp (NYSE:). Kohl’s had already rejected a takeover offer in February.

Ted Baker and Sycamore have rejected requests from Reuters for comment.

Shares of Ted Baker closed 8.88% on Thursday at 98.75 pence, giving the company a total valuation of 182.3 million pounds ($239.65 million), Reuters calculations showed based on data from Refinitiv. Eikon.

In February, Ted Baker said it was “cautiously optimistic” about the outlook for the current year following a 35% year-over-year revenue increase in the fourth quarter, a period when pandemic-related restrictions were still in place.

($1 = 0.7607 pounds)

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This post Private equity firm Sycamore weighs offer for fashion chain Ted Baker

was original published at “https://www.investing.com/news/stock-market-news/private-equity-firm-sycamore-weighs-bid-for-fashion-chain-ted-baker–sky-news-2787019”