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The Talbots Inc. takeover is all but done.
Private equity firm Sycamore Partners said investors holding 51.8 million shares of the retailer’s stock accepted its tender offer, which paid out $2.75 a share. Together with the 7 million shares already owned by Sycamore, that represents 83.6 percent of the company’s stock.
Sycamore said the merger would be completed today and that the remaining shares will be converted into a right to receive $2.75 in cash.
Talbots rebuffed Sycamore in December, when it offered to $3 a share, and later engaged in a months-long dance with the suitor that ultimately led to a lower price.