(Reuters) - Private equity firm Sycamore Partners extended the expiration date of its tender offer to buy Talbots Inc TLB.N by 14 days.
Sycamore said in May that it would buy the women’s apparel retailer for $193.3 million, or $2.75 per share -- a price that was lower than its previous offers.
As of midnight New York time on July 13, 49.9 million Talbots shares had been tendered, Sycamore said. Together with about 7 million shares already owned by Sycamore, this represents 80.9 percent of Talbots’ outstanding shares.
The new deadline is 1700 New York time on July 27.
Talbots shares were up 2 percent at $2.63 in premarket trade on Monday. They closed at $2.58 on Friday on the New York Stock Exchange.
Reporting by Ranjita Ganesan in Bangalore; Editing by Don Sebastian