Talbots discloses buyout offer from Sycamore of $3.05 a share
Hingham clothier Talbots Inc. said Monday that it has entered into an exclusivity agreement with a New York investment firm to acquire the struggling company for $3.05 a share. The non-binding proposal, which terminates on May 15, is 5 cents above the price-per-share offer Sycamore Partners made to Talbots last year. In a securities filing, Talbots board of directors said it continues to evaluate strategic alternatives, including Sycamore Partners’ proposal. The New York private equity firm already owns nearly 10 percent of Talbots’ outstanding stock.