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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Women's clothing retailer The Talbots Inc. said Thursday it has agreed to sell itself to New York private equity firm Sycamore Partners for $369 million. The deal comes to $2.75 in cash per common share, a price 113 percent above the closing price May ...Read more
They sold in May and went away, all right. The struggling women's clothing chain Talbots is being acquired by Sycamore Partners for about $193.3 million in cash, an abrupt turnaround after buyout talks appeared to stall last week.Read more
Kuby usually is a long-term investor, but sold all his shares in Talbots over the past year and a half. Founded in post-war Massachusetts, Talbots built its reputation on its traditional pearls-and-classics fashions, but today is widely panned as dull.Read more