Sycamore Partners Offers to Buy Talbots (TLB) at $3/Share

The Talbots, Inc. (NYSE: TLB) shares are ripping higher in Tuesday's after-hours session after Sycamore Partners filed an amended 13D with the U.S. SEC disclosing a letter offering to acquire remaining shares of the company for $3 per share.

From the filing:

"On December 6, 2011, Sycamore Partners sent a letter to Gary M. Pfeiffer, the Chairman of the Board of Directors of the Issuer, pursuant to which Sycamore made a proposal to acquire all of the issued and outstanding Shares not owned by the Reporting Persons for $3.00 per Share in cash, subject to the terms specified in the December 6 Letter. In the December 6 Letter, Sycamore also confirmed its commitment to protecting the value of its investment in the Issuer and noted that it was prepared to pursue any and all actions available to it in order to ensure that the Issuer’s board actively and thoughtfully explores strategic alternatives, including Sycamore’s proposal."

In the filing, Sycamore showed holding a stake equal to 9.9 percent.

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