Talbots Rejects Sycamore's $205M Takeover Bid

Law360, New York (December 20, 2011, 12:55 PM EST) -- Struggling women's clothing retailer Talbots Inc. on Tuesday rebuffed private equity firm Sycamore Partners LLC's $205 million buyout offer, saying it substantially undervalues the company.

Sycamore, Talbots' biggest shareholder with a 9.9 percent stake in the company, made the offer Dec. 6 after expressing concerns about the retailer's weak sales and recent leadership turbulence. The bid of $3 per share was nearly twice the company's market value at that day's close.

But Talbots said Tuesday that it had decided to hold out for a better offer....
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