May 16, 2019 / 9:03 PM / 7 days ago

Chico's rejects takeover offer from Sycamore

(Reuters) - Women’s apparel retailer Chico’s FAS Inc said on Thursday it had rejected private equity firm Sycamore Partners LP’s offer to take the company private in a deal valued at $407.8 million.

The company said Sycamore’s offer of $3.50 per share substantially undervalued the retailer, known for its Soma brand of women’s intimate apparel.

Chico’s had earlier said it had rejected a higher $4.30 per share offer from Sycamore, which owns a 6.6% stake in the company.

Chico’s shares fell 1.3% to $3.75 in extended trading.

Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below