Ted Baker picks preferred bidder as Sycamore withdraws

UK fashion retailer Ted Baker on Monday said it had selected an unnamed preferred bidder after receiving a number of revised takeover proposals, adding that private equity fund Sycamore Partners Management LP had withdrawn from the process.

The company said it would now start a due diligence process with the preferred bidder, which will probably take several weeks and reserved the right to reject any approach or terminate talks with any bidder at any time.