US-Iran Conflict Escalates as Gulf Attacks Threaten Global Oil Supply 
Lockheed Martin Unveils Lower-Cost Patriot ACE Interceptor to Meet Rising Air Defense Demand 
SpaceX Q2 Earnings on Aug. 4 Set Stage for Historic Insider Share Unlock 
Samsung Cuts U.S. Consumer Electronics Jobs as Headquarters Moves to Texas 
Asian Currencies Hold Steady as Middle East Tensions Boost US Dollar, Oil Concerns 
Asian Stocks Rise as Oil Retreats on Iran Ceasefire Hopes Ahead of Key AI Earnings 
Nike Shifts China Online Sales Strategy to Boost Brand and Fight Local Rivals 
Saudi Oil Tankers Reverse Course as Houthi Threats Disrupt Red Sea Shipping 
Ryanair Warns Summer Airfares May Stay Lower as Quarterly Profit Misses Estimates 
China Holds Loan Prime Rates Steady for 14th Month as Economic Recovery Remains Uneven 
Foxconn Wins First SpaceX AI Server Contract Worth Estimated $52 Billion 
Germany Producer Prices Rise 1.8% in June, Missing Forecasts 
SpaceX Targets Thursday Launch for Starship's 13th Test Flight After Last-Minute Delay 
ASML Trillion-Dollar Valuation: Can Europe’s AI Chip Giant Reach the Historic Milestone? 
ASEAN Ministers Warn Middle East Conflict Threatens Regional Stability and Energy Security 
Japan Yen Slides Past 163 as Middle East Tensions Lift US Dollar, Oil Prices 
Morgan Stanley Downgrades Adobe, Workday as AI Transition Raises Growth Concerns 
The Authentic Brands Group that owns Reebok, Juicy Couture, and Forever 21 has struck a deal to buy the British high-street clothing retail company, Ted Baker. The acquisition is worth $254 million or about £211 million.
CNBC reported that the Authentic Brands Group and Ted Baker company agreed that payment would be in all cash at 110 pence for each Ted Baker share. The amount is said to be equivalent to a premium of about 18% to its closing price on Monday this week.
Ted Baker, which is listed on the London Stock Exchange, said that its board members are set to unanimously recommend for shareholders to vote for the deal. Once the acquisition is completed, ABG revealed it is planning to split the Ted Baker business into an intellectual property holding company and one or more companies that will manage the brand’s store operations, wholesale, and e-commerce businesses.
The brand management company headquartered in New York will also look into other options to transfer either full or partial control and ownership of the separate companies to partners. The buyout was announced by ABG on Tuesday, Aug. 16, and this confirmed the months of speculations about the future of Ted Baker.
It was mentioned that the UK-based fashion brand was forced to sell the company earlier this year as it failed to cope with the difficulties brought about by issues related to the Covid-19 pandemic. Before this deal, Ted Baker already rejected a number of bids from Sycamore Partners private equity chain firm.
“We are excited to build on the brand’s global foundation through a business model focused on licensing, wholesale, retail, digital and strategic marketing partnerships,” Jamie Salter, ABG’s founder and chief executive officer, said on Tuesday in a statement.
Reuters also quoted the company as saying in a separate statement regarding the deal, "ABG believes there are significant growth opportunities for the Ted Baker brand in North America given its strong consumer recognition in this market."
Finally, with the Authentic Brands Group deal, Ted Baker is now in the middle of carrying out its turnaround plan and is anticipating an increase in demand for its leisure and office apparel line.
