Ted Baker has agreed a £211 million takeover by Authentic Brands Group, the US owner of Reebok and Juicy Couture.

Ted Baker's board told shareholders they have recommended a 110p per share deal.

If confirmed, the deal will be worth almost a third less than the 160p per share approach ABG was contemplating in May as potential suitors circled the retail business.

Nevertheless, it represents a significant premium to Ted Baker's current share price, which had slumped since the start of the year.

The retailer, which has nearly 400 locations, launched a formal sale process in April after US private equity firm Sycamore made a series of approaches for the brand and following interest from a number of other interested buyers.

Ted Baker, which was founded as a shirt specialist in Glasgow in 1988, selected a preferred bidder but saw its shares drop after the unnamed frontrunner bowed out in June.

Helena Feltham, interim chairwoman of Ted Baker, said: "In April 2022, after receiving a number of unsolicited bid proposals and having consulted with our major shareholders, the Ted Baker board decided to launch a formal sale process to evaluate interest in the business.

"The process was thorough and attracted global interest.

"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."

Shares sat at 17.08% up in afternoon trading.

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Glasgow-founded fashion giant agrees £211m takeover by US giant