Talbots Sold For $193.3 Million

May 31, 2012 12:00 AM
Talbots Sold For $193.3 Million
" HINGHAM (AP) — The struggling women’s clothing chain Talbots is being taken private by Sycamore Partners for about $193.3 million in cash, an abrupt turnaround after buyout talks appeared to stall last week.

Talbots said Thursday that its stockholders will receive $2.75 per share, which is less than the $3.05 per share previously offered by the private equity firm, but more than double Wednesday’s closing price of $1.29. It’s also a 76 percent premium to the closing price on December 6, when Sycamore made its first offer of $3 per share.

The Hingham, Mass. retailer has about 70.3 million outstanding shares, according to FactSet.

Including debt, the companies value the transaction at about $369 million.

Shares of The Talbots Inc. nearly doubled to $2.57 in premarket trading when the news was announced "

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