June 12 Private equity firm Sycamore Partners
Said it was interested in acquiring apparel retailer Express Inc
and asked the company to allow it to perform due
The private equity firm on Thursday disclosed a stake of
about 9.9 percent in the company, according to a regulatory
Express's shares rose 22 percent to $16.55 in extended
trading. The stock closed down nearly 3 percent at $13.55 on
Thursday, valuing the company at $1.14 billion.
"We would like to perform confirmatory due diligence to
determine a definitive valuation of the company," Sycamore said
in a letter to the company's board, adding it would take 30 days
to complete its due diligence, obtain financing commitments and
submit its offer.
Express has warned last month that it could post a loss in
the current quarter due to high inventory and slow traffic.
(Reporting by Shailaja Sharma in Bangalore; Editing by Savio