This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Sycamore Partners To Extend Offer To Acquire The Talbots, Inc.

NEW YORK, July 16, 2012 /PRNewswire/ -- In connection with the previously announced merger agreement, Sycamore Partners today announced that TLB Merger Sub Inc. (an affiliate of Sycamore Partners) has extended the expiration of its tender offer to acquire all of the outstanding shares of common stock, and the associated stock purchase rights, of The Talbots, Inc. (NYSE: TLB) (the "Company") for $2.75 per share, net to the seller in cash, without interest, and less any applicable withholding taxes, to 5:00 p.m., New York City time, on Friday, July 27, 2012, unless further extended. 

The tender offer was previously scheduled to expire at Midnight, New York City time, on Friday, July 13, 2012.  All other terms and conditions of the tender offer remain unchanged.

The depository for the tender offer has advised that as of Midnight, New York City time, on July 13, 2012, 49,877,558 shares of common stock of the Company (including 6,372,344 shares subject to guaranteed delivery) had been tendered and not withdrawn pursuant to the offer.  The 49,877,558 tendered shares, together with the 6,999,316 shares of Company common stock owned by Sycamore Partners and its affiliates, represents approximately 80.9% of all issued and outstanding shares of the Company.

About Sycamore Partners

Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. The founders of Sycamore have a long history of partnering with management teams to improve the operating profitability and strategic value of their businesses. They work with companies they believe have significant growth potential, particularly when given the capital and outside expertise they need to succeed. For more information, please visit http://www.sycamorepartners.com.

Notice to Investors

This press release is neither an offer to purchase nor a solicitation of an offer to sell any securities. The solicitation and the offer to purchase shares of the Company's common stock is being made pursuant to a Tender Offer Statement on Schedule TO (including the Offer to Purchase, Letter of Transmittal and other related materials) that TLB Merger Sub Inc. (an affiliate of Sycamore Partners) initially filed with the Securities and Exchange Commission (the "SEC") on June 15, 2012.  The Company initially filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC on June 27, 2012.  Investors and security holders of the Company are urged to read these materials carefully in their entirety since they contain important information. Investors and security holders may obtain free copies of these materials and other documents filed by the Company and Sycamore Partners with the SEC at the website maintained by the SEC at http://www.sec.gov. Questions or requests for assistance or additional copies of the Offer to Purchase, the Letter of Transmittal, and the Notice of Guaranteed Delivery may be directed to the Information Agent, Phoenix Advisory Partners, 110 Wall Street, 27th Floor New York, New York 10005 or by calling toll-free at (877) 478-5038.

Forward-Looking Information

This communication contains forward-looking information. These statements may be identified by such forward-looking terminology as "expect," "achieve," "plan," "look," "projected," "believe," "anticipate," "outlook," "will," "would," "should," "intend," "potential" or similar statements or variations of such terms. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including: statements concerning the anticipated timing of filings and approvals relating to the transaction; statements regarding the expected timing of the completion of the transaction; statements regarding the ability to complete the transaction considering the various closing conditions; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. Risks and uncertainties that could cause results to differ from expectations include: uncertainties as to the timing of the tender offer and merger; uncertainties as to how many stockholders will tender their stock in the offer; the possibility that competing offers will be made; the possibility that various closing conditions for the transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction; the effects of disruption from the transaction making it more difficult to maintain relationships with employees, suppliers, sourcing agents and landlords; other business effects, including the effects of industry, economic or political conditions outside of the Company's control; transaction costs; actual or contingent liabilities; and other risks and uncertainties discussed in documents filed with the SEC, including the risks and uncertainties included under "Risk Factors" and "Forward-looking Information" in Talbots' Annual Report on Form 10-K for the fiscal year ended January 28, 2012, as amended, and other periodic reports filed with the SEC which are incorporated herein, as well as the Tender Offer Statement on Schedule TO filed by an affiliate of Sycamore Partners and the Solicitation/Recommendation Statement on Schedule 14D-9 filed by the Company. The Company's Annual Report on Form 10-K, as amended, and other periodic reports are available at the Investor Relations section of the Company's Website at http://www.thetalbotsinc.com.

Contact :

For Sycamore Partners: Michael Freitag or Tim Lynch Joele Frank, Wilkinson Brimmer Katcher212-355-4449 

SOURCE Sycamore Partners

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,031.14 +43.63 0.26%
S&P 500 1,984.13 -1.41 -0.07%
NASDAQ 4,518.9020 -48.6960 -1.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs