Sycamore Partners makes $407.8 mln offer for Chico's

Chico's FAS Inc said May 10 that it received an unsolicited proposal from Sycamore Partners to buy the company for $3.50 a share cash. The women’s apparel retailer said its board will review the bid, which Reuters valued at $407.8 million, and determine if it’s in the best interest of shareholders. Chico’s said that it recently rejected another unsolicited offer from Sycamore for $4.30 a share cash because the offer was too low. Goldman Sachs & Co LLC is financial adviser to Chico's FAS, while Paul, Weiss, Rifkind, Wharton & Garrison LLP is legal counsel.

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