Chico's FAS rejects takeover offer from SycamoreChristian Fernsby ▼ |
Acquisition Chico's FAS
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.
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. ■
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