The Talbots Inc. takeover is all but done.
Private equity firm Sycamore Partners said investors holding 51.8 million shares of the retailer’s stock accepted its tender offer, which paid out $2.75 a share. Together with the 7 million shares already owned by Sycamore, that represents 83.6 percent of the company’s stock.
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Sycamore said the merger would be completed today and that the remaining shares will be converted into a right to receive $2.75 in cash.
Talbots rebuffed Sycamore in December, when it offered to $3 a share, and later engaged in a months-long dance with the suitor that ultimately led to a lower price.