US: Talbots and Sycamore Partners extend takeover talks
By Leonie Barrie | 16 May 2012
US women's wear retailer Talbots Inc has extended discussions with Sycamore Partners, while it considers a takeover bid from the private equity firm.
Talks between the two companies had been due to terminate on 15 May, but the exclusivity period has now been extended until 22 May.
Sycamore Partners last week put in a second bid for the retailer, which operates 517 Talbots stores in the US and Canada. It raised its offer to US$3.05 per share - valuing the company at around $215m.
This followed an initial $3.00 per share bid in early December, which the retailer said was "inadequate" and "substantially undervalues the company".
Talbots has struggled for some time, with fourth-quarter net losses widening to US$53.2m from $2.8m in the same period of the prior year, while sales fell 1.1% to US$289.4m. Full-year net losses reached $111.9m, as sales declined 5.9% to $1.1bn.
Sectors: Apparel, Finance, Retail
Companies: Talbots
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