Ted Baker did not reveal who the suitor was but said its board had selected a preferred counterparty to take forward into a process of confirmatory due diligence.

The preferred suitor informed the board yesterday (6 June) that it did not intend to proceed with an offer.

However, the counterparty indicated that its reason for not proceeding was not linked to its due diligence review of the company.

The board will now determine whether to proceed with any of the other non-binding proposals it has received.

“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 company said in its statement.

At the end of May, Just Style reported Authentic Brands Group was reportedly weighing a bid for Ted Baker, though the Reebok and Juicy Couture owner declined to comment when approached by Just Style.

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Earlier, Ted Baker rejected two proposals from Sycamore, noting both bids significantly undervalue the company. The first proposal would have seen Sycamore offer 130 pence for each Ted Baker share. Following the rejection, Sycamore submitted a revised proposal under which it would offer 137.5 pence, marking an increase of 5.8%. The bid, which is worth about GBP254m, according to a report published by The Independent, was also rejected.