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Talbots, Sycamore Delay Start of Tender Offer

Ascena finished its offer fro Charming Shoppes.

The Talbots Inc. takeover by Sycamore Partners will have to wait another couple days.

 

Sycamore, which already owns 9.9 percent of the chain, was supposed to begin its tender offer for the rest of the firm’s stock by today, but the two sides agreed to push the date back to Friday. The investor is paying $2.75 a share in a transaction valued at about $369 million including debt.

 

In other tender offer news, Ascena Retail Group Inc. wrapped up its offer for Charming Shoppes Inc. with 95.7 million shares, or 81.5 percent of Charming’s outstanding stock, tendered. Ascena cut a deal to buy the plus-size specialist for $7.35 a share, or about $890 million, last month.

 

Ascena said the merger would be completed in the coming days without a vote or meeting of Charming’s stockholders.