UPDATE: Talbots (TLB) to Be Acquired by Sycamore Partners for $2.75/Share in Cash

May 31, 2012 8:00 AM EDT
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(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.

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