In an official statement, the retailer said that as such, Sycamore is no longer required under Rule 2.6(a) of the Code to announce, “either a firm intention to make an offer for Ted Baker in accordance with Rule 2.7 of the Code or that it does not intend to make an offer” by the 15 April.
It added: “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 will be made when appropriate.”
Last month Ted Baker revealed it had rejected two unsolicited non-binding proposals from Sycamore Partners Management L.P., following press speculation.
Ted Baker said Sycamore “significantly undervalued” the company and “failed” to compensate shareholders for the “significant upside that can be delivered by Ted Baker as a listed company”.
On 18 March 2022, Sycamore made a proposal to offer 130 pence for each Ted Baker share.
Following the Ted Baker board’s rejection of the first proposal, Sycamore submitted a revised proposal on 22 March 2022 under which the company would offer 137.5 pence for each Ted Baker share, an increase of 5.8% on the first proposal, which the board also rejected.
After further approaches from unsolicited parties Ted Baker confirmed last week it was launching a formal sales process with a select number of parties to be invited to a second phase.