Ted Baker has announced it is being taken over by Authentic Brands Group (ABG) for £211 million.

The move comes after the fashion brand received several unsolicited takeover proposals in April.

Following the proposals Ted Baker launched a formal sale process.

In May, it emerged that ABG was the preferred bidder for the Ted Baker brand.

ABG, which owns a number of fashion brands, including Reebok, Forever 21, and Juicy Couture, said that it believes there are “significant growth opportunities” for Ted Baker in North America.

The retail brand management business said it is exploring entering formal discussions with SPARC, the owner of 1,660 regional shopping malls in the US, which the company has a 50 per cent stake in.

"Ted Baker is a highly regarded, uniquely British brand whose strong fashion credibility resonates with consumers around the world,” said Jamie Salter, founder, chairman and chief executive, ABG. “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."

ABG said that it plans to use its global network of established operating partners to "enhance Ted Baker's revenue and profitability across merchandise categories and geographic regions as it has for other acquired brands including Reebok, Brooks Brothers, Nautica, and Eddie Bauer."

“Today, we are announcing an all-cash offer from ABG. 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,” said Helena Feltham, interim chair, Ted Baker.

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