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British designer Ted Baker picks preferred bidder after private equity firm pulled out

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Clothing retailer Ted Baker has selected a preferred bidder after receiving a number of revised takeover proposals and said private equity fund Sycamore Partners Management has dropped out of the process.

The British designer said Monday he would begin a due diligence process with the preferred bidder that is likely to take several weeks.

The stock was up as much as 4.6 percent in early trading.

Chief Executive Officer Rachel Osborne has attempted to revitalize Ted Baker by reducing debt and product markdowns, boosting online sales and refreshing the brand.

The shares have lost more than 90 percent of their value in the last four years.

The retailer’s founder, Ray Kelvin, left the company in 2019 after being accused of inappropriate hugs and other behavior in the workplace, which he denied.

The company in February reported a 35 percent increase in revenue for the fiscal fourth quarter.

The board reserves the right to decline any approach or terminate discussions with any bidder at any time, Ted Baker said.

https://www.independent.ie/business/world/uk-designer-ted-baker-picks-preferred-bidder-after-private-equity-firm-bows-out-41677908.html British designer Ted Baker picks preferred bidder after private equity firm pulled out

Fry Electronics Team

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