Ted Baker bidder drops out, shares tumble

STORY: Ted Baker says its preferred buyer now won’t make a takeover offer.

The British fashion chain said it would now weigh up other proposals that it had received.

Its shares tumbled on the news, falling over 20% in early trades on Tuesday (June 7).

The London-listed group had put itself up for sale in April.

Recent reports had said its preferred bidder was Juicy Couture-owner Authentic Brands.

It rejected overtures from private-equity group Sycamore.

Ted Baker is in the middle of a turnaround plan, following some difficult years.

The firm was hit by an accounting scandal, and the sudden departure of its CEO over misconduct allegations.

Now it will hope that signs of a rebound make it a more appealing target.

In May Ted Baker pointed to robust sales in the coming months, saying it saw signs of a recovery in demand for office and leisure wear.

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