Financial investor Sycamore Partners Management LP is still in the running for a possible takeover of British clothing retailer Ted Baker Plc. The fashion company announced on Wednesday that Sycamore would participate in the ongoing bidding process. In view of several takeover bids, Ted Baker had initiated a “formal sale process” in the past few weeks, which runs according to fixed rules and is overseen by the independent regulatory body UK Takeover Panel.
Sycamore opened the takeover gamble at the end of March with two bids, which Ted Baker’s board of directors rejected as too low. In the meantime, the financial investor has improved its offer. By agreeing to participate in the formal sale process alongside other interested parties, Sycamore has now gained more time to move forward with the potential acquisition. Ted Baker announced that by participating, the investment house is no longer required to submit a binding offer by April 15 or to abandon its acquisition plans.
However, the company again pointed out that it was not certain whether an offer would be made at all as part of the procedure and what conditions it might contain. The management of the fashion retailer has repeatedly emphasized that it will evaluate all takeover offers against the background of Ted Baker’s prospects of success as an independent company.