This Day On The Street
Continue to site
ADVERTISEMENT
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

Sycamore Partners And Talbots Announce Amendment To Merger Agreement Related To Financing Proceeds Condition

NEW YORK and HINGHAM, Mass., July 20, 2012 /PRNewswire/ -- The Talbots, Inc. (NYSE: TLB) (the "Company" or "Talbots") and Sycamore Partners today announced the execution of an amendment to the Agreement and Plan of Merger, dated as of May 30, 2012, by and among TLB Holdings LLC ("Parent"), TLB Merger Sub Inc. ("Purchaser") and the Company. The amendment to the merger agreement deletes the financing proceeds condition to Purchaser's tender offer to acquire all of the outstanding shares of the Company's common stock. Prior to this amendment, Purchaser was not obligated to accept shares tendered in the tender offer unless Parent had received the proceeds of the financing commitments from the lenders as described in the debt commitment letters executed in connection with the entry into the merger agreement.

The amendment to the merger agreement also provides, among other things, that, subject to the terms and conditions of the merger agreement, Purchaser will have the right in its sole discretion to extend (or re-extend) the offer for one or more periods, in consecutive increments of up to five business days each (the precise length of which is in Parent's sole discretion) to the extent that all of the offer conditions have been either satisfied or waived and the debt financing has not been received by Parent or Purchaser.

Sycamore Partners will file with the Securities and Exchange Commission an amendment to its Tender Offer Statement on Schedule TO setting forth the terms of the amended merger agreement.

Additionally, Talbots and Sycamore Partners today announced that on July 18, 2012, the Pension Benefit Guaranty Corporation ("PBGC") issued a letter to Talbots confirming that it will not take action with respect to the acquisition of Talbots by Sycamore Partners as of such time. 

Sycamore Partners today announced that the Company's receipt of the letter from the PBGC satisfies the corresponding condition to the completion of the tender offer and the other transactions contemplated by the merger agreement. 

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs