UPDATE: Talbots (TLB) to Be Acquired by Sycamore Partners for $2.75/Share in Cash
Get Alerts TLB Hot Sheet
Join SI Premium – FREE
(Updated - May 31, 2012 8:14 AM EDT)
Talbots (NYSE: TLB) agreed to acquired by Sycamore Partners for $2.75/share in cash, or $369 million including debt.
The purchase price represents a 113% premium to the closing price on May 30, 2012 and a 76% premium to the closing price on December 6, 2011, the closing price prior to the public disclosure of Sycamore’s initial proposal to acquire the Company.
While coming at a hefty premium, the offer is 10 percent below Sycamore's agreed upon offer of $3.05 per share. Just last week ,shares of Talbots was slammed after the exclusivity period between the two expired without a deal, suggesting the merger was off.
The transaction is currently expected to close in the third quarter of this year.
Talbots (NYSE: TLB) agreed to acquired by Sycamore Partners for $2.75/share in cash, or $369 million including debt.
The purchase price represents a 113% premium to the closing price on May 30, 2012 and a 76% premium to the closing price on December 6, 2011, the closing price prior to the public disclosure of Sycamore’s initial proposal to acquire the Company.
While coming at a hefty premium, the offer is 10 percent below Sycamore's agreed upon offer of $3.05 per share. Just last week ,shares of Talbots was slammed after the exclusivity period between the two expired without a deal, suggesting the merger was off.
The transaction is currently expected to close in the third quarter of this year.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Zuora (ZUO) Exploring a Potential Interest After Receiving Acquisition Interest from Potential Buyers - Reuters
- Biden Says 'Guaranteed' He'll Keep US Steel (X) Domestic - Bloomberg
- State Street (STT) Said To Explore Acquisition Of Socgen Custody Arm - Bloomberg
Create E-mail Alert Related Categories
Hot List, Hot M&A, Mergers and Acquisitions, Private EquitySign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!