Sycamore Partners extends The Talbots acquisition deadline
Sycamore Partners has extended the deadline for its acquisition of The Talbots.
Sycamore Partners has provided its merger and acquisition consultants with a longer length of time to engage in business negotiations with The Talbots.
Sycamore affiliate TLB Merger Sub's tender offer to acquire all of The Talbots' outstanding common stock and associated purchase rights was scheduled to conclude on July 2012 at midnight EDT.
However, this deadline has now been postponed until July 27th at 17:00 EDT.
The terms of the transaction have remained unchanged and Sycamore intends for the deal to go ahead at $2.75 (£1.76) per share, which would be without interest and paid in cash.
This would result in an overall acquisition vale of approximately $369 million, including net debts.
President and chief executive officer of The Talbots Trudy Sullivan said the firm is pleased with the value the deal will deliver to its shareholders.
"Sycamore Partners is a strong investor with substantial resources and expertise and we look forward to operating as a private company under their ownership," she added.
Posted by Ken Hayes
Source: Sycamore Partners press release, July 16th