Heisenberg CapitalismUncertainty most likely factored into White House's decision to sell to Chico's. According to Securities and Exchange Commission filings, White House had set a price range of $12 to $14 a share for its public offering. Assuming the deal was done at $13 a share -- the midpoint of its proposed range -- the postdeal equity value would have been about $104 million. Chico's, however, was able to scoop up the retailer for about $90 million in cash and stock. Usually, an acquirer would pay a premium to the equity value of the publicly traded company, since it is getting control. To some, the fact that Chico's didn't pay a higher price for its acquisition suggests White House may have been worried about how its IPO would have done in the still-volatile equity market. (Neither Converse nor Crystal Decisions had set terms for their deals when they announced their mergers.) "People are concerned about getting sustainable, high valuations in the market," said Smith.