Talbots Inc. (TLB: Quote) announced that its Board has received a non-binding proposal from Sycamore Partners to acquire all of the Company's outstanding common stock for $3.05 per share.
In addition, the company announced that it has entered into an exclusivity agreement with Sycamore Partners in connection with the non-binding proposal, which will terminate on May 15, 2012.
The company noted that its board continues to evaluate strategic alternatives, including Sycamore Partners' proposal.
The company stated that it does not intend to comment further regarding this proposal or its evaluation of strategic alternatives, unless a specific transaction is recommended by the Board.
by RTT Staff Writer
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