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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Jurgis Bekepuris who wrote (48035)	5/31/2012 8:51:10 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 78462

The TLB shareholders get bailed out: Sycamore Partners buying Talbots for $193.3M Sycamore Partners buying women's clothing company Talbots for about $193.3 million Associated Press May 31, 2012 HINGHAM, Mass. (AP) -- The struggling women's clothing chain Talbots is being acquired by Sycamore Partners for about $193.3 million in cash, an abrupt turnaround after buyout talks appeared to stall last week. Talbots said Thursday that its stockholders will receive $2.75 per share, which is less than the $3.05 per share previously offered by the private equity firm, but more than double Wednesday's closing price of $1.29. It's also a 76 percent premium to the closing price on December 6, when Sycamore made its first offer of $3 per share. The Hingham, Mass. retailer has approximately 70.3 million outstanding shares. Including debt, the deal is valued at close to $369 million. Shares of The Talbots Inc. doubled to $2.58 in premarket trading. Talbots said Friday that exclusive talks with Sycamore had ended. finance.yahoo.com