Talbots adopts poison pill on word of looming buyout

NEW YORK — Talbots said on Tuesday that its board of directors has adopted a shareholder rights plan -- or a poison pill -- to protect its stockholders after a private equity firm disclosed it had acquired a sizeable stake in the company. On Monday, Sycamore Partners LP revealed it had acquired a 9.9% stake in Talbots and said it planned to attempt to talk with the retailer about strategy and operations. Reports put Talbots’ market value at $288 million, and suggest a buyout would exceed $400 million. In its move to protect shareholder value, Talbots adopted the poison