Ted Baker receives multiple offers, moves to shortlist stage
Ted Baker has delivered an update on its formal sale process, but there's still no news on who might eventually win the prize. The fashion retailer simply said on Wednesday that it has received “a number of non-binding proposals from potentially interested parties”.
The company put itself up for sale on 4 April after receiving several unsolicited approaches from private equity group Sycamore Partners. But it also continued to point out on Wednesday that there’s no guarantee a sale will happen and bidders still need to meet its criteria and “offer a value that the board considers attractive relative to the standalone prospects of Ted Baker as a listed company”.
Management clearly believes that the company has strong prospects on its own, but some of the offers are likely to have got close to a level the board considers attractive, and the team is now inviting “a focused selection of such parties” to enter into a due diligence process. Under this, the company will provide information on its business to the bidders with non-disclosure agreements in place.
We'll get more news as and when something happens and it's unclear whether we might see some concrete developments before the company announces its annual and Q1 results on 26 May.
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