Orlando, FL 5/31/12 (StreetBeat) -- Private equity firm Sycamore Partners will buy Talbots (NYSE:TLB) for $2.75 per share, a 30-cent discount to its initial offer for the retailer, Talbots said today. Talbots stock doubled on the news.
Sycamore’s initial buyout offer was for $3.05, but it withdrew the offer on May 25.
The new cash deal is worth $369 million.
“The purchase price represents a 113% premium to the closing price on May 30, 2012 and a 76% premium to the closing price on December 6, 2011, the closing price prior to the public disclosure of Sycamore’s initial proposal to acquire the Company,” Talbots said in a statement.
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