UK's Ted Baker bought for about $254 mln
STORY: Ted Baker has been bought out for $254 million by Juicy Couture-owner Authentic Brands.
Tuesday's (August 16) announcement ends months of speculation about the fate of the British fashion group.
Ted Baker was forced to put itself up for sale in April due to losses made during the health crisis.
The brand had reportedly picked U.S.-based Authentic - also known as ABG - as its preferred bidder in May.
But Ted Baker was forced to look at other options when the company decided against making an offer.
However, the two have now reached an agreement and said the deal will not be revised unless a rival bid appears.
ABG - which also owns sportswear firm Reebok - said it can see 'significant growth opportunities' for Ted Baker in North America.
The British brand is in the middle of a turnaround plan and wants to benefit from a rebound in demand for office and leisure wear.
The company rejected several bids from private-equity group Sycamore.
Ted Baker shares were up around 17% in morning trade on Tuesday.
