Ted Baker PLC
Response to the announcement from Sycamore Partners Management L.P.
The Board of Ted Baker PLC (“Ted Baker” or the “Company”) notes the announcement by Sycamore Partners Management L.P. (“Sycamore”) confirming that it is in the early stages of considering making a possible cash offer for the Company. Ted Baker confirms that it has not received any approach from Sycamore .
Ted Baker continues to make good progress with its transformation and the Company is emerging from Covid as a stronger and more financially sustainable business. The Board is confident in the Company's independent prospects and would evaluate any offer for the Company against the strong shareholder value creation that it believes can be delivered as a standalone company.
There can be no certainty that any firm offer for the Company will be made nor as to the terms on which any firm offer might be made.
Shareholders are urged to take no action at this time.
In accordance with Rule 2.6(a) of the Code, Sycamore must, by not later than 5.00 pm on 15 April 2022, being 28 days after today's date, either announce a firm intention to make an offer for Ted Baker in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Ted Baker, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel on Takeovers and Mergers (the “Panel”) in accordance with Rule 2.6(c) of the Code.