// Ted Baker reveals that private equity firm Sycamore would be part of its sale process
// Last week the retailer launched a formal sale process after Sycamore improved its takeover proposal
Ted Baker has confirmed that New York-based Sycamore Partners will take part in a formal sales process for the business.
Last month the retailer rejected a number of bids from the US private equity firm, under grounds that their proposals had significantly undervalued the high street fashion chain.
However, the announcement does not mean that Sycamore will certainly throw its hat in the ring.
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“There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made,” Ted Baker said on Wednesday morning.
Sycamore had previously been facing down a deadline of April 15 to announce it had “either a firm intention to make an offer […] or that it does not intend to make an offer,” in line with City rules.
Earlier this month, Ted Baker launched a formal sales process after rejecting a series of unsolicited bids from Sycamore Partners an unnamed third party.
The UK high-street retailer previously turned down two takeover proposals from the New York-based Sycamore, claiming a prior £250m bid “significantly undervalued” the business.
“In view of the interest expressed by potential offerors, and having consulted its major shareholders, the board has decided to conduct an orderly process to establish whether there is a bidder prepared to offer a value that the board considers attractive relative to the standalone prospects of Ted Baker as a listed company,” a statement read.
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