Chico’s FAS, Inc. Board of Directors Unanimously Rejects Unsolicited Proposal from Sycamore Partners
Chico's FAS, Inc. announced that its Board of Directors has unanimously rejected the unsolicited proposal received from Sycamore Partners on June 19, 2019 to acquire all of the outstanding shares of Chico's FAS for $3.00 per share in cash. After reviewing the proposal in consultation with its independent financial and legal advisors, the Chico's FAS Board determined that Sycamore's proposal substantially undervalues Chico's FAS and is not in the best interests of Chico's FAS shareholders. The Board's determination follows its review and unanimous rejection of Sycamore's previous proposal on May 10, 2019 to acquire Chico's FAS for $3.50 per share in cash. David Walker, Chair of the Board, said, "Our focus is on serving the best interests of all Chico's FAS shareholders, and we are pleased with the strong support we have received from numerous Chico's FAS shareholders for the actions underway to improve the Company's performance." Click Read More below for additional information.