The Talbots, Inc. today announced that its Board of Directors 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 today 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 Board continues to evaluate strategic alternatives, including Sycamore Partners' proposal, consistent with its fiduciary duties to act in the best interest of the Company's stockholders. The Board is being advised in this process by its financial advisor, Perella Weinberg Partners, and legal advisor, White & Case LLP, with a team of attorneys led by Morton A. Pierce.