The Talbots (TLB) Slammed As Sycamore Partners Pulls Out of Deal
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Shares of The Talbots, Inc. (NYSE: TLB) are collapsing early Friday after the company said the exclusivity agreement with Sycamore Partners expired without a definitive merger agreement.
Sycamore Partners informed the Company that it is not prepared to execute a transaction at this time.
The company said it remains open to pursuing a transaction with Sycamore Partners at $3.05 per share pursuant to an acceptable merger agreement providing for an appropriate level of closing certainty and supported by firm debt and equity financing commitments. The Company is no longer subject to exclusivity and therefore will actively explore other strategic alternatives and in the meantime will continue to be focused on executing its business plan and creating value for its shareholders.
Shares of TLB last traded at $1.82, down 29 percent.
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Sycamore Partners informed the Company that it is not prepared to execute a transaction at this time.
The company said it remains open to pursuing a transaction with Sycamore Partners at $3.05 per share pursuant to an acceptable merger agreement providing for an appropriate level of closing certainty and supported by firm debt and equity financing commitments. The Company is no longer subject to exclusivity and therefore will actively explore other strategic alternatives and in the meantime will continue to be focused on executing its business plan and creating value for its shareholders.
Shares of TLB last traded at $1.82, down 29 percent.
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