Clothing retailer Express, Inc. (EXPR) confirmed yesterday that it has received a letter from investment firm Sycamore Partners intimating the latter’s interest in acquiring it. Sycamore had revealed on Thursday that it has purchased a 9.9% stake in the fashion retailer. Express’s stock price surged 22% in extended trading yesterday following the confirmation.
Private-equity firm Sycamore Partners said Thursday it wants to acquire clothing chain Express Inc. (EXPR), adding in a 13D-SEC filing that it has already amassed a 9.9 percent stake in the company. Shares in Express spiked more than 22% in late-session trading following the news. In a letter to Express’s board, Sycamore said it would […]View the full post at: Express Inc. (EXPR) Shares Rocket On Sycamore Stake
When you look up the price of a stock on the Nasdaq stock exchange, you’re not really looking up the price at which it’s trading on that exchange. All of the Nasdaq stocks trade on dozens of exchanges, all of which have the right to trade in those stocks. That right is known in the market as unlisted trading privileges, or UTP.
Its a busy day for mergers and acquisitions. Last night, Sycamore partners disclosed a 9.9% stake in Express, and said it is performing due diligence for a bid to acquire all the remaining shares of Express it does not already own. In pre-market trade, shares of Express are up more than 25%.
Fred’s Inc. (FRED), shares soared 9.77% yesterday to close at $16.41, amid speculation that the company is in talks with private-equity firm Sycamore Partners regarding a takeover. People close to the matter report that the discussion is still in its initial stages, and that it is entirely possible that the deal may not materialize.
By Richard Evans:The board of Sycamore Networks, Inc (SCMR) made a shock announcement Tuesday, 23 October. Sycamore sold off some of its assets, while saying it would sell off the remaining assets of the business and close shop. NASDAQ temporarily halted trading in Sycamore's shares after the announcement was made.
By Jeffrey Himelson:Last Thursday morning, Sycamore Partners made a splash in the retail apparel market by revealing, through an SEC filing, a 9.9% stake in Express (EXPR). The significant ownership stake indicates that it is now moving for a takeover, however, one has yet to be officially announced. Sycamore believes that the struggling mall-based retailer can be turned around.
By Amit Chokshi:It takes a special type of management team and board to reach new lows for corporate governance when such “benchmarks” of fiduciary duty and competence are established by companies such as Hewlett-Packard (HPQ) and MF Global (MFGLQ.PK) but the executive team and Board at Talbots (