Ted Baker PLC (LSE:TED) said its chosen buyer last night decided not to buy the company, a fortnight after it was given full access to the company's accounts.
The clothing brand said its board was now pondering whether to return to one of its spurned suitors and see if their previous proposals were still on the table.
Last month, the company said its “preferred counterparty” was beginning a process of “confirmatory due diligence” ahead of a takeover, which was expected to take several weeks.
But in an announcement this morning, Ted Baker insisted that the once-preferred counterparty “indicated that its reason for not proceeding was not linked to its due diligence review”.
The usual caveats were doled out, that there is no certainty that an offer will be made, nor as to the terms and that the board could also decide to end the sale process.