Rigrodsky & Long, P.A. Investigates The Talbots, Inc.’s Receipt of Going Private Proposal
December 07 2011 - 10:36AM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of The Talbots,
Inc. (“Talbots” or the “Company”) (NYSE: TLB) concerning possible
breaches of fiduciary duty and other violations of law related to
the Company’s receipt of a proposal from Sycamore Partners
(“Sycamore”) to acquire the remainder of the Company it does not
already own for approximately $212 million in cash (the
“Proposal”).
Click here to learn more and to discuss your shareholder rights:
http://investigations.rigrodskylong.com/talbots-inc-tlb/.
The Proposal contemplates Sycamore’s acquisition of all of the
outstanding shares of common stock of Talbots for $3.00 per share
in cash. Sycamore already owns approximately 9.9% of the Company’s
outstanding shares.
The investigation concerns the board of directors’ process for
consideration of the proposed transaction, whether Talbots is
acting in its shareholders’ best interests by refusing to enter
into negotiations with Sycamore, and whether the proposed
consideration to be paid to Talbots’ shareholders would be fair and
adequate. According to the Proposal, Talbots’ board of directors
has “rebuffed [Sycamore’s] efforts to conduct meaningful
discussions regarding potential value-enhancing transactions”
despite Sycamore’s indication that “if the Board were to provide
[Sycamore] with access to information, [Sycamore] could potentially
get to a position where [it] would consider increasing [its] offer
for the Company.”
If you own the common stock of Talbots and purchased your shares
before December 6, 2011, if you have information or would like to
learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, 19801, by telephone at (888)
969-4242, or by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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