Retailer tells potential buyer 'thanks, but no thanks'

Chico’s FAS board of directions unanimously rejects buyout bid by its largest shareholder, describing it as significantly undervaluing the company.

  • By Business Observer Staff
  • | 8:15 a.m. May 18, 2019
Fort Myers-based Chico's FAS has rejected a buyout offer from its largest shareholder, Sycamore Partners, saying the offer of $3.90 per share significantly undervalues the company.
Fort Myers-based Chico's FAS has rejected a buyout offer from its largest shareholder, Sycamore Partners, saying the offer of $3.90 per share significantly undervalues the company.
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A week after receiving a buyout offer, Fort Myers-based Chico’s FAS' board of directors remains steadfast in its strategy — saying a resounding “thanks, but no thanks” to its suitor, an inside job by its largest shareholder, New York private equity firm Sycamore Partners. 

 

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