The New York investment firm that days ago scuttled its offer for Talbots Inc. has agreed to buy the beleaguered Hingham merchant in a scaled-back deal valued at roughly $193 million.
Sycamore Partners, which last year acquired a nearly 10 percent stake in the retailer, offered stockholders $2.75 in cash per share and agreed to take on about $176 million in debt, according to the proposed deal.
The purchase price represents a 76 percent premium to the closing price on Dec. 6, the day before Sycamore first disclosed its unsolicited bid for the classic clothier.
Talbots’ embrace of the $2.75 offer is a reversal from its response in December.
After Sycamore offered $3 per share, Talbots rejected the bid as being inadequate and “substantially” undervaluing the retailer.
You have reached the limit of 5 free articles in a month
Stay informed with unlimited access to Boston’s trusted news source.
- High-quality journalism from the region’s largest newsroom
- Convenient access across all of your devices
- Today’s Headlines daily newsletter
- Subscriber-only access to exclusive offers, events, contests, eBooks, and more
- Less than 25¢ a week