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Chico's FAS rejects takeover offer from Sycamore

Christian Fernsby ▼ | May 17, 2019
Chico's FAS announced that its Board of Directors (the "Board") has unanimously rejected the unsolicited proposal received from Sycamore Partners on May 10, 2019 to acquire the company for $3.50 per share in cash.
Chico's FAS
Acquisition   Chico's FAS
After reviewing the proposal in consultation with its independent financial and legal advisors, the Chico's FAS Board determined that Sycamore's proposal substantially undervalues Chico's FAS and is not in the best interests of Chico's FAS shareholders.

This follows the Board's review and rejection of another recent proposal dated April 14, 2019 from Sycamore to acquire the Company for $4.30 per share, which the Board also determined substantially undervalued the Company and was not in the best interests of shareholders.