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Chico’s Gets Activist Investor

The women's specialty retailer is the latest firm to get investment from Blue Harbour Group.

Women’s specialty retailer Chico’s FAS is the latest firm to get an activist investor. This time its Blue Harbour Group.

According to a regulatory filing Monday with the Securites and Exchange Commission, the Greenwich, Conn.-based Blue Harbour said in the 13D that it owns 5.6 percent of Chico’s, or slightly over 9 million shares. It also said the aggregate purchase price of the shares is $125.4 million, excluding brokerage commissions.

The 13D also said while the shares were acquired for investment purposes, Blue Harbour has had discussions with management and may continue to do so in connection with its investment, such as in connection with business strategy or operations.

Recent transactions from August 28 through September 6 indicate that 928,900 shares were acquired at a price range between $15.42 and $16.34 a share. The bulk of those shares, 500,000, were purchased on Aug. 28 between $16.31 and $16.34 a share.

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Blue Harbour is managed by Clifton S. Robbins, and its approach to investing is to work collaboratively with management to “unlock and create shareholder value” through strategic initiatives.

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