Ted Baker receives ‘number of bids’ as sales process continues

The board of Ted Baker PLC has announced it has received a number of non-binding proposals from potentially interested parties.

In the next step in the formal sale process, Ted Baker is inviting a “focused selection” of such parties to enter into a due diligence process.

As such, the company will provide information on its business to the respective party dependent on the terms of a non-disclosure agreement.

Ted Baker said its board “reserves the right” to alter or terminate the process at any time, and “reserves the right to reject any approach or terminate discussions with any interested party at any time”.

Ted Baker officially launched a formal sales process after receiving a number of unsolicited offers from US Private equity firm Sycamore Partners.

However, last month the company rejected a number of bid approaches made by Sycamore. The first two of the approaches valued Ted Baker at 130p-a-share and 137.5p-a-share – equivalent to roughly £250m. However, the current market capitalisation by share price for Ted Baker is £277.49m.

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.”