Chico's rejects Sycamore's latest offer

Chico's FAS Inc said June 27 that its board unanimously rejected the latest offer from Sycamore Partners. The PE firm on June 19 offered to buy all of Chico’s outstanding shares for $3 a share cash. Chico’s rebuffed Sycamore’s offer because it was too low and was not in the best interests of its shareholders. Chico’s is a women’s apparel retailer. In May, Sycamore offered to buy Chico’s for $3.50 a share but the retailer also rejected that proposal.

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