Britain’s Ted Baker said on Monday it had rejected unsolicited non-binding takeover proposals from private-equity firm Sycamore Partners Management as they significantly undervalued the fashion retailer.

Sycamore raised its offer for Ted Baker to 137.5 pence per share, valuing the retailer at £253.8 million ($333.65 million), after its initial proposal of 130 pence per share was turned down by the British group.

The revised proposal represents a premium of 39.2 percent over Ted Baker’s closing price on March 17, when the Sycamore approach was first reported. Ted baker shares traded as high as £30 in 2015, but have since crashed to trade at 126.2 pence as of Friday close.

The retailer said the proposals from New York-based Sycamore failed to “compensate shareholders for the significant upside that can be delivered by Ted Baker as a listed company.”

Ted Baker also said there can be no certainty any firm offer will be made for the company.

Sycamore, which has until April 15 to make a firm offer for the London-listed company, did not immediately respond to a Reuters request for comment.

Ted Baker is in the middle of a three-year turnaround plan under boss Rachel Osborne as it tries to boost its online presence and rebuild its image after profit warnings and accounting issues.

Takeover interest in British companies, including defence groups and a leading supermarket chain, is at its highest in years as the pandemic and uncertainties linked to Britain’s exit from the European Union have led to a steep drop in valuations.

By Muhammed Husain; Editor: Anil D’Silva

Learn more:

Report: Private Equity Firm Sycamore Weighs Bid for Ted Baker

US private equity firm Sycamore Partners is weighing a takeover bid for the British fashion retailer Ted Baker, Sky News reported.