23 May 2022
Ted Baker PLC
Update on Formal Sale Process
The Board of Ted Baker PLC (“Ted Baker” or the “Company”) is pleased to provide an update on its formal sale process.
On 27 April 2022, the Company announced that it had received a number of non-binding proposals from potentially interested parties and was inviting a focused selection of such parties to enter into a due diligence process. As part of this process, the Company has now received a number of revised non-binding proposals.
Following a review of these proposals, the Board has selected a preferred counterparty to take forward 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. Further announcements regarding the formal sale process will be made when appropriate.
The Board of Ted Baker reserves the right to alter or terminate the process at any time and in such cases will make an announcement as appropriate. The Board of Ted Baker also reserves the right to reject any approach or terminate discussions with any interested party at any time. The Board confirms that Sycamore Partners Management L.P. is no longer participating in the formal sale process.
As previously communicated, the Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party participating in the formal sale process will not be required to be publicly identified under Rules 2.4(a) or 2.4(b) and will not be subject to the 28-day deadline referred to in Rule 2.6(a) of the Code for so long as it is participating in the formal sale process.