UPDATE: Liz Claiborne (LIZ) Rips; PE Firms Said to Be in Talks - WSJ

March 30, 2012 2:06 PM EDT
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(Updated - March 30, 2012 2:21 PM EDT)

Liz Claiborne (NYSE: LIZ) is ripping higher following headlines that private equity firms have held talks about the Company.

UPDATE: More color below:

Liz Claiborne shares popped this afternoon following reports that it may be in talks with private equity firms for a potential buyout of the company. Shares ripped over 15 percent following the news.

According to the WSJ, citing sources on the matter, Claiborne is looking for about $20 per share in a deal.

Talks are ongoing and no formal auction is going on.

Amid the chatter, others close to the company said Liz Caliborne is not looking for a deal and that restructuring efforts are on track.

Firms mentioned as being interested include KKR & Co. (NYSE: KKR),, Permira, and Warburg Pincus.

Shares are 18.5 percent higher Friday following the news.

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