The preferred bidder to buy Ted Baker has pulled out of the race, prompting shares in the fashion chain to fall by a fifth.
Two weeks ago the retailer, which has 550 shops and concessions, said it had selected a “preferred counterparty”, believed to be Authentic Brands. The US-based group owns Reebok as well as the rights to Marilyn Monroe’s image.
On Monday night, Ted Baker said the bidder no longer intended to make an offer. It said “the reason for not proceeding was not linked to its due diligence review of the company”.
Ted Baker said it would now restart talks with other potential buyers.
