Ted Baker’s preferred bidder backs out of sale process
Ted Baker has announced its “preferred counterparty” that it selected to pursue a formal sale process with has backed out.
In an update to its investors, the British brand said it was informed by the unnamed firm last night, June 6, “that it did not intend to proceed with an offer for the company”.
According to the retailer, the counterparty confirmed its reason for not proceeding was not linked to the due diligence review of the company.
The bidder was among a number of other non-binding proposals made by companies interested in potentially purchasing the heritage label, as revealed May 23.
The board said it will now be determining whether to proceed with any of the other proposals.
Ted Baker announced it would be carrying out a formal sales process early April following an unprovoked takeover offer from private-equity firm Sycamore Partners, which it ultimately declined.
According to a number of reports, Authentic Brands Group was said to be the frontrunner in the bidding process, however this has not yet been confirmed by either parties.