The future ownership of Ted Baker is under a cloud after the preferred bidder – Authentic Brands Group – withdrew its offer. 

On May 23, Ted Baker’s board choose ABG for the next round of exclusive negotiations. US-headquartered ABG was founded by billionaire Jamie Salter and owns Reebok, Aeropostale, Brooks Brothers, Forever 21, Nine West and Everlast, among others.

UK media have reported ABG had lodged an indicative offer of about £300 million for the Ted Baker business. 

However, the brand aggregator advised Ted Baker’s board on Monday night that it did not wish to proceed with a final formal offer. 

In a statement, Ted Baker’s board said the withdrawal “was not linked to its due diligence review of the company”. 

The board said it will now determine whether to proceed further with any of the other proposals received on May 23 and that it was not certain the company would accept any bid.

“There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made. Further announcements regarding the formal sale process will be made when appropriate.”