HINGHAM, Mass. (AP) -- Talbots Inc. and Sycamore Partners have agreed to push back the start of the tender offer tied to Talbots' buyout by two days until Friday.
The companies gave no reason for the delay in a news release on Wednesday. A message seeking an explanation was left with Talbots but was not immediately returned.
Last month, the struggling women's clothing chain agreed to be taken private by New York-based Sycamore Partners for about $193.3 million in cash. Talbots' stockholders will receive $2.75 per share.
The price was almost 10 percent less than the $3.05 per share that Sycamore had previously offered, but it was a 76 percent premium to Talbots' closing price on Dec. 6 when Sycamore made its first offer of $3 per share.
The acquisition is expected to close in the third quarter.
Talbots, based in Hingham, Mass., runs 516 stores in 46 states and Canada.
Its stock shed 2 cents to $2.43 in premarket trading on Wednesday.
