Sycamore Partners LLC and Talbots Inc. said the Pension Benefit Guaranty Corp. won’t challenge the private equity firm’s buyout of the retailer, satisfying a condition for the offer.
The companies also removed a financing requirement, Sycamore and Talbots said Friday. Sycamore must now accept shares tendered in the offer even if the parent company hasn’t received proceeds of the financing commitments from its lenders.
Talbots agreed to be bought by the private equity firm in May for a reduced price of $369 million, including debt. Earlier this week, Sycamore extended the offer expiration by two weeks to July 27.