7 June 2022
Ted Baker PLC
Update on Formal Sale Process
The Board of Ted Baker PLC (“Ted Baker” or the “Company”) announces an update on its formal sale process.
On 23 May 2022, the Company announced that the Board had selected a preferred counterparty to take forward into a process of confirmatory due diligence.
The Board was informed by the preferred counterparty last night that it did not intend to proceed with an offer for the Company. The counterparty indicated that its reason for not proceeding was not linked to its due diligence review of the Company.
As announced on 23 May, the Board received a number of other non-binding proposals. The Board will now determine whether to proceed with any of those proposals.
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.
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.