// Ted Baker selects unnamed preferred bidder after receiving revised takeover proposals
// There can be no certainty that an offer will be made, Ted Baker said
Ted Baker has selected a preferred suitor after a flurry of revised proposals from interested parties, while private equity firm Sycamore has dropped out.
The board has selected an adviser to take forward into a process of “confirmatory due diligence”, which it said should take several weeks, with no certainty that an offer will be made.
There can be no certainty that an offer will be made, Ted Baker said, adding it could still terminate the process if it wishes to.
READ MORE: Ted Baker enters next stage of sale process with a number of bidders
Meanwhile, Sycamore had shown interest in buying Ted Baker last month, raising its bids several times before the retailer put itself up for sale after attracting interests from other parties.
Chief executive Rachel Osborne has been seeking to revive Ted Baker by cutting debt and product markdowns, boosting online sales and refreshing the brand. The shares have lost more than 90% of their value in the past four years.
Ted Baker, which has nearly 400 locations mostly in Europe, North America and the United Kingdom, did not give a reason for the private equity firm dropping out of the process.
Known for its suits, shirts and dresses with quirky details, Ted Baker is in the middle of a turnaround plan.
In April, Ted Baker had entered the next stage of its sale process and has invited a “focused selection” of interested parties to enter into due diligence.
The fashion retailer has hired advisers Evercore and Blackdown Partners to manage the sale process.
Due diligence is likely to take several weeks and Ted Baker reiterated that there is no certainty that an offer will be made.
The stock rose as much as 4.6% in early trading.
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