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Ted Baker PLC on Monday said it has progressed talks with a preferred suitor to the due diligence phase as the luxury retailer's formal sales process continues.
Ted Baker said it reviewed a number of non-binding takeover proposals. It has picked a ‘preferred counterparty’, which it didn't name, and will now move into a ‘process of confirmatory due diligence’.
‘This process is likely to take several weeks. There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made,’ the company said.
Ted Baker kicked off a formal sales process in April. At the time, it had said that Sycamore Partners Management LP, the New York-based private equity firm whose spurned approaches had triggered the sales process, was participating. On Monday, however, Ted Baker said Sycamore is no longer participating in the sales process.
Ted Baker shares were up 1.3% to 141.00 pence early Monday in London. The stock remains down 22% over the past 12 months.
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