Second Ted Baker suitor steps away

Ted Baker has announced that a second prospective candidate has decided to walk away from the process to buy the fashion retailer.

In an update lodged with the London Stock Exchange, Ted Baker has disclosed that its ‘preferred counterparty’ will no longer be going ahead with an offer.

Authentic Brands Group (ABG), the purported frontrunner which owns brands including Reebok, had previously indicated it was willing to pay 150p-per-share and up to £300 million for the fashion retailer before this latest reversal.

ABG follows US private equity firm Sycamore, becoming the second potential bidder to step away from a deal.

The latest blow has caused Ted Baker’s shares to plummet by up to 23 per cent.

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