Ted Baker confirms Sycamore will join the formal sales process
Ted Baker has confirmed that Sycamore Partners will take part in a formal sales process for the business.
The retailer had previously rejected a number of bids from the US private equity firm, claiming their proposals had significantly undervalued the high street fashion chain.
Ted Baker advised that “there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made”.
The formal sale process, which the UK Takeover Panel has agreed to, allows talks between the board and interested bidders to take place on a confidential basis without the restrictions of the Panel’s typical 28-day timetable.
“In view of the interest expressed by potential offerors, and having consulted its major shareholders, the board has decided to conduct an orderly process to establish whether there is a bidder prepared to offer a value that the board considers attractive relative to the standalone prospects of Ted Baker as a listed company,” a statement read.
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