Sycamore drops out of the race to buy Ted Baker
Ted Baker has today (23 May) provided an update on its formal sale process.
On 27 April 2022, the premium retailer announced that it had received a number of non-binding proposals from potentially interested parties and was inviting a focused selection of such parties to enter into a due diligence process. As part of this process, the company has now received a number of revised non-binding proposals, it said today (23 May).
Following a review of these proposals, the board has selected a “preferred counterparty” to take forward into a process of “confirmatory due diligence”. This process is likely to take several weeks.
Ted Baker said: “There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made. Further announcements regarding the formal sale process will be made when appropriate.
“The board of Ted Baker reserves the right to alter or terminate the process at any time and in such cases will make an announcement as appropriate. The board of Ted Baker also reserves the right to reject any approach or terminate discussions with any interested party at any time.”
The retailer confirmed that US private equity firm Sycamore Partners, which submitted several offers that “significantly undervalued Ted Baker”, is no longer participating in the formal sale process.
