UPDATE: Talbots (TLB) Receives Proposal from Sycamore at $3.05/Share
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(Updated - May 7, 2012 9:02 AM EDT)
Talbots (NYSE: TLB) receives proposal from Sycamore Partners to acquire all of the company's outstanding stock at $3.05/share. In addition, the Company today announced that it has entered into an exclusivity agreement with Sycamore Partners in connection with the non-binding proposal, which will terminate on May 15, 2012.
The Board continues to evaluate strategic alternatives, including Sycamore Partners’ proposal, consistent with its fiduciary duties to act in the best interest of the Company’s stockholders. The Board is being advised in this process by its financial advisor, Perella Weinberg Partners, and legal advisor, White & Case LLP, with a team of attorneys led by Morton A. Pierce. There can be no assurance that any definitive agreement will be entered into, or, if entered into, what the terms thereof will be, or that this or any other transaction will be approved or consummated. The Company does not intend to comment further regarding this proposal or its evaluation of strategic alternatives, unless a specific transaction is recommended by the Board.
Talbots (NYSE: TLB) receives proposal from Sycamore Partners to acquire all of the company's outstanding stock at $3.05/share. In addition, the Company today announced that it has entered into an exclusivity agreement with Sycamore Partners in connection with the non-binding proposal, which will terminate on May 15, 2012.
The Board continues to evaluate strategic alternatives, including Sycamore Partners’ proposal, consistent with its fiduciary duties to act in the best interest of the Company’s stockholders. The Board is being advised in this process by its financial advisor, Perella Weinberg Partners, and legal advisor, White & Case LLP, with a team of attorneys led by Morton A. Pierce. There can be no assurance that any definitive agreement will be entered into, or, if entered into, what the terms thereof will be, or that this or any other transaction will be approved or consummated. The Company does not intend to comment further regarding this proposal or its evaluation of strategic alternatives, unless a specific transaction is recommended by the Board.
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