Ted Baker launches formal sales process as bids increase

Ted Baker has announced it has officially launched a formal sales process after receiving a number of unsolicited offers from US Private equity firm Sycamore Partners. In this context, the company has agreed with the UK Takeover Panel that any discussions in relation to an offer for the company may take place within the context of a formal sale process to enable conversations with parties interested in making such a proposal to take place on a confidential basis. On 28 March 2022, the board of Ted Baker PLC confirmed that it had received two unsolicited non-binding proposals from Sycamore Partners Management L.P. in relation to a possible cash offer for the entire issued and to be issued ordinary share capital of the company. Both proposals were rejected on the basis that they “significantly” undervalued Ted Baker. According to the brand, it has now received an improved proposal from Sycamore. Since Sycamore's announcement of a possible offer for Ted Baker, the company has also received other unsolicited third party bid interest in relation to the company. The board said it believes the business is “well positioned” to create significant value for shareholders. Despite the impact of Omicron on the fourth quarter of the year to 29 January 2022, Ted Baker delivered a group sales increase of 35%. compared with last year, and trading margin improved “strongly.” It revealed parties interested in making a proposal should contact Ted Baker's financial advisers, Evercore and Blackdown Partners. The company also said it intends to conduct a targeted process, focused on those parties who “understand and value” the full potential of the brand. The first phase of the process is expected to be based on public information only and interested parties will be invited to submit non-binding indicative offers to Evercore and Blackdown Partners. It is currently expected that a select number of parties will be invited to participate in a second phase.

Ted Baker launches formal sales process as bids increase

The company intends to conduct a ‘targeted process’, focused on those parties who ‘understand and value’ the full potential of this unique brand.

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