AMERICAN WITHDRAWAL: Shares of American Apparel Inc. fell 12.7 percent to 86 cents Tuesday, leaving the company with a market capitalization of $150 million. The stock went from a low of 50 cents last month up to $1.20 on word that John Howard’s Irving Place Capital was interested in talking takeover at a price of up to $1.40 a share, depending on due diligence.
The company acknowledged it had received some interest and hired an investment bank, but so far no talks have been held. Some investors could be growing impatient, or betting that a deal won’t come about. More than 4.4 million shares traded hands on Tuesday, well ahead of the 1.9 million daily average for the last three months.