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By
Reuters
Published
May 17, 2019
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Chico's rejects takeover offer from Sycamore

By
Reuters
Published
May 17, 2019

Women’s apparel retailer Chico’s FAS Inc said on Thursday it had rejected private equity firm Sycamore Partners LP’s offer to take the company private in a deal valued at $407.8 million.


Chico’s had earlier said it had rejected a higher $4.30 per share offer from Sycamore, which owns a 6.6% stake in the company - Via Chico's


The company said Sycamore’s offer of $3.50 per share substantially undervalued the retailer, known for its Soma brand of women’s intimate apparel.

Chico’s had earlier said it had rejected a higher $4.30 per share offer from Sycamore, which owns a 6.6% stake in the company.

Chico’s shares fell 1.3% to $3.75 in extended trading.

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