Ted Baker begins exploring bid offers as sale process commences
Ted Baker has announced it is proceeding with its sale process after receiving a series of offers, hoping to find a bidder prepared to offer a value that the board considers "attractive" relative to the standalone prospects of the business.
The board is inviting a selection of interested parties to enter into a due diligence process, under which the company will provide information on its business to them pursuant to the terms of a non-disclosure agreement.
In a statement, 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 announcement follows the speculation that Authentic Brands Group is exploring a potential formal offer for Ted Baker.
Last month Ted Baker rejected two bids from Sycamore Partners, the latter of which valued it at £254 million, saying it felt it was better positioned as a plc to bounce back from the effects of the pandemic. However Sycamore came back with a third bid and having received another unsolicited bid, the business formally put itself up for sale this month.
It has previously been said the board would only accept an offer in excess of £310 million.