Last Updated ( Tuesday, 05 June 2012 12:42 )
DATE_FORMAT_LC2=Monday,June 04 2012 12:00:00 am EDT   
Talbots To Be Acquired for $369 Million

talbotsHingham, MA — After several starts and stops — and even parting ways with Sycamore Partners as recently as last week — The Talbots, Inc. has now reconciled with Sycamore to enter into a definitive purchase agreement. An affiliate of Sycamore Partners will acquire all the outstanding common stock of Talbots for $2.75 per share in cash. The transaction, which is valued at approximately $369 million (including net debt), is expected to close in the third quarter of this year.

The announcement follows a comprehensive review undertaken by the Talbots board to maximize stockholder value. Under the terms of the agreement, which has been approved by the company’s board of directors, Talbots stockholders will receive $2.75 in cash for each outstanding share of Talbots common stock they own.

“We are pleased with the value this transaction delivers to our stockholders and believe that this is a positive development for all of our stakeholders,” says Trudy Sullivan, president and CEO of Talbots. “Sycamore Partners is a strong investor with substantial resources and expertise, and we look forward to operating as a private company under their ownership.”

“We believe in the Talbots brand and its more than 8,000 associates,” says Stefan Kaluzny, a managing director of Sycamore Partners. “We look forward to a long and successful partnership with Talbots.”

Perella Weinberg Partners LP is acting as financial advisor to Talbots, and White & Case LLP is acting as its legal counsel. Bank of America Merrill Lynch is acting as financial advisor to Sycamore Partners, and Winston & Strawn LLP and the Law Offices of Gary M. Holihan, P.C. are acting as its legal counsel.

At the end of the first quarter 2012, The Talbots, Inc. operated 516 Talbots stores in 46 states and Canada. For more information, visit www.talbots.com.

New York-based Sycamore Partners is a private equity firm specializing in consumer and retail investments. For more information, visit www.sycamorepartners.com.







SOURCE: The Talbots, Inc.

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