Private Equity Firm Ups Offer for Talbots
Talbots said it's received a raised takeover offer of $214.6 million from private equity firm Sycamore Partners. The company also said it entered an exclusivity agreement with Sycamore, which will end on May 15. Talbots said Sycamore had offered to pay $3.05 per share — slightly higher than the $3.00 per share offer it made in December. Talbots’ board of directors said it continues to evaluate strategic alternatives. Talbots' fourth-quarter loss widened to $53.2 million, or 77 cents per share, from last year’s loss from continuing operations of $2.8 million, or 4 cents per share.