Ted Baker share chat (TED)

FOR IMMEDIATE RELEASE

28 March 2022


Ted Baker PLC

Response to press speculation

The Board of Ted Baker PLC ("Ted Baker" or the "Company") notes the recent press speculation and confirms that it has received two unsolicited non-binding proposals from Sycamore Partners Management L.P. ("Sycamore") in relation to a possible cash offer for the entire issued and to be issued ordinary share capital of the Company.


On 18 March 2022, Sycamore made a proposal (the "First Proposal") under which Sycamore would offer 130 pence for each Ted Baker share. Following the Ted Baker Board's rejection of the First Proposal, on 22 March 2022 Sycamore submitted a revised proposal (the "Second Proposal") under which Sycamore would offer 137.5 pence for each Ted Baker share, an increase of 5.8% on the First Proposal. The Board of Ted Baker has also rejected the Second Proposal.


The Board of Ted Baker carefully reviewed both of Sycamore's proposals with its advisers and concluded they significantly undervalued Ted Baker and failed to compensate shareholders for the significant upside that can be delivered by Ted Baker as a listed company. Ted Baker is a leading global brand with a strong future. The management actions taken over the last two years have put the business on a firm footing and it is now well on the way to recovery following a turbulent period. The Board is focused on delivering value for Ted Baker's shareholders well in excess of the price offered by Sycamore.

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. This announcement has been made without the consent of Sycamore.

Shareholders are urged to take no action at this time.

 

Ted Baker PLC - Formal Sale Process #TED https://www.voxmarkets.co.uk/rns/announcement/adc51e5d-e4fd-400c-806f-61ce5e29b3e4

 

27 April 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 4 April 2022, the Company announced, in view of the interest expressed by potential offerors, and having consulted its major shareholders, it had decided to conduct an orderly process to establish whether there is a bidder prepared to offer a value that the Board considers attractive relative to the standalone prospects of Ted Baker as a listed company.

The Company has now received a number of non-binding proposals from potentially interested parties. The Board is inviting a focused selection of such parties to enter into a due diligence process under which the Company will provide information on its business to them pursuant to the terms of a non-disclosure agreement.

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.

Ted Baker plans to announce its results for the 52-week period ended 29 January 2022 and Q1 trading update on 26 May 2022.

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.

 

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.

 

The Group will today host its results presentation for analysts and investors at 10am at Panmure Gordon, 1 New Change, London, EC4M 9AF. This will be streamed online at: https://stream.brrmedia.co.uk/broadcast/6272bfd8860d1117d3863589

A dial-in facility will also be available. Participant details are:
· Phone Number: +44 (0)330 165 4012
· Confirmation Code: 8323173

Ted Baker PLC - Preliminary Results and Q1 trading update #TED https://www.voxmarkets.co.uk/rns/announcement/1818cfef-0cee-494e-8f97-08ad44485536

 

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.