Ted Baker picks preferred bidder as Sycamore withdraws

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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receiving a number of revised takeover proposals, adding that private equity fund Sycamore Partners Management LP had withdrawn from the process.

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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.