Authentic Brands Group (ABG) has emerged as the preferred bidder for Ted Baker in a $300m takeover deal, according to a report from Sky News.

The US-based consumer goods group, which owns Reebok, is willing to close a deal for the British fashion brand at 150p-a-share, according to Sky News sources.

Bank of America is advising AMG in talks, according to an unnamed retail executive familiar with the matter, who also stated a formal deal could be concluded within weeks.

Adding to speculation that a deal is in process, in a stock exchange announcement on Monday, Ted Baker’s board issued a statement that it had "selected a preferred counterparty to take forward into a process of confirmatory due diligence".

The bidder’s name went undisclosed, however.

ABG’s interest in Ted Baker was first revealed to Sky News in April. Closure of the deal would add Ted Baker to ABG’s roster of brands which also includes Sports Illustrated magazine and brands associated with sporting legends Muhammad Ali and Shaquille O’Neal.

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