Ted Baker has confirmed that Sycamore will take part in a formal sales process.
The retailer has previously rejected a number of bids from the US private equity firm, claiming a £254m bid “significantly undervalued” the 550-store chain.
Last week, citing improved offers from suitors and a third-party bid, Ted Baker decided to start a formal sale process.
However, this morning’s announcement does not mean that Sycamore is guarantee to make an offer.
“There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made,” Ted Baker said.
Sycamore’s decision to enter the process means that it will no longer have to “put up or shut up” by the 15 April deadline imposed by City rules.
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