By Ian Walker
Ted Baker PLC said Tuesday that it has agreed to a 211 million pound ($254.3 million) final cash offer from Juicy Couture, Reebok and David Beckham brand owner Authentic Brands Group LLC.
Under the deal accepting shareholders of the U.K. fashion brand will get 110 pence for each share held. The price is an 18% premium to Ted Bakers’ closing price of 93.10 pence on Monday and an 11% premium to its closing price of 98.75 pence on March 17, the day before the company entered into an offer period.
“The Ted Baker board believes the offer, which is supported by Ted Baker shareholders with a majority of shares, represents a fair value for shareholders and balances the company’s growth prospects with the risks of the uncertain economic environment in which the business is operating”, Interim Chairman Helena Feltham said.
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