It looks like Sycamore is not going to buy Express after all. Sycamore partners in bid to buy Belk for more than $3 billlion. Moreover, they filed a 13D/A on June 30, 2015 regarding Express position.
"On June 29, 2015, 1981 Investments LLC sold to a financial institution (the “Dealer”) covered call options with respect to an aggregate of 4,150,000 shares of Common Stock (the “Call Options”). The Call Options are three month European-style options with a strike price of $21.00. At expiration, if 1981 Investments LLC elects physical settlement, the Dealer has the right to purchase such shares of Common Stock from 1981 Investments LLC at the strike price or, if 1981 Investments LLC elects cash settlement, the Dealer has the right to receive an amount of cash equal to the aggregate US dollar amount by which the Call Options are in the money. The documents governing the Call Options contain customary provisions for over-the-counter call options. In connection with the Call Options, 1981 Investments LLC has agreed to deliver to the Dealer 4,150,000 shares of Common Stock as collateral to secure its obligations under the Call Options. 1981 Investments LLC retains the right to receive ordinary cash dividends on, and vote, the shares pledged as collateral in the ordinary course."
A month later and no much happened.
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What I mean is often when you get such a big earnings surprise like express did lots of new moneywant in and the market makers seem to slow down any price movement so others get in. Likely this will change 20 m shares on a small price movement since the earnings release. Then when shares have been redistributed they will let it go up again on far less volume. So I would not be surprised to see the 17.67 close yesterday be 19.25 in a weeks time. It should have gone to 20 the day of the earnings release. Couple that with sycamore still out there this could be 25 or so in a month
Reflected. Same ratio of ebitda to mkt cap and this is 26-30 as Ann CHs or Urbn. Likely offer 23 my guess
Don't give ur shares
From the balance sheet, it appears Express paid its $ 200M long-term debt. Now the company has no debt. Maybe Sycamore partners will approach the company after June 15, 2015.