British high-street apparel retailer Ted Baker has started a formal sale process after receiving takeover proposals from a number of companies.

The company confirmed that it has had more than one unsolicited offer from third parties, in addition to three bids from private equity firm Sycamore Partners.

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Last week, Ted Baker rejected a second takeover proposal from Sycamore, claiming that each of Sycamore’s offers ‘significantly undervalued’ the company.

Sycamore initially offered £1.30 a share, which was later raised by 5.8% to £1.38 a share, valuing the retailer at £254m ($334m).

Another company has since expressed an interest in bidding for Ted Baker, which increased the value of the retailer’s shares by 11% to £1.42.

Ted Baker has not disclosed the terms of the third proposal.

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In its filing, the company said: “Ted Baker has now received an improved proposal from Sycamore.

“Since Sycamore’s announcement of a possible offer for Ted Baker, the company has also received other unsolicited third party bid interest in relation to the company.

“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 standalone prospects of Ted Baker as a listed company.”

Ted Baker has invited interested parties to submit indicative offers to its advisers, Evercore and Blackdown Partners.

The retailer expects to select several bids to participate in a second phase.

Sycamore has until 15 April to decide if it will participate in the formal sales process for Ted Baker.

Ted Baker is currently in the middle of a three-year turnaround plan under its CEO Rachel Osborne, having seen demand for its products return from lows caused by the Covid-19 pandemic.

The retailer operates a network of 377 stores and concessions worldwide.