(Filed Under Financial and General Interest News). Soma’s parent Chico’s FAS has rejected the latest offer from Sycamore Partners, this one on May 10, to acquire the company for “$3.50 per share in cash.” It follows an April 14 offer at $4.30 a share, as well as other failed discussions dating back several years.
In February 2015, and again later that summer, Sycamore had reportedly come close to buying Chico’s.
Sycamore’s persistent pursuit of Chico’s comes after the resignation, in late April, of Shelley Broader as CEO, president and board member, and the appointment of Bonnie Brooks as interim CEO. Brooks is the former vice chair, president and CEO of Hudson’s Bay Company and a current member of the Chico’s board.
In addition to Chico’s and Soma, the company’s other brands include White House Black Market and the recently launched TellTale lingerie brand, which focuses on a younger customer. — NM
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