Ted Baker chooses preferred bidder as Sycamore drops out
Ted Baker has selected a preferred bidder after receiving a number of revised takeover proposals, while private equity fund Sycamore Partners has dropped out of the process.
The British brand said it will begin a "confirmatory due diligence process" with the preferred bidder, which is likely to take several weeks.
The board "reserves the right to reject any approach or terminate talks with any bidder at any time", Ted Baker added.
Sycamore had shown interest in buying Ted Baker last month, raising its bids several times before the retailer launched a formal sale process after receiving a third takeover move by the New York-based company and an unnamed party.
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.