Law Firm Brower Piven Announces Investigation of The Talbots, Inc.
December 08 2011 - 4:32PM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of The Talbots, Inc. (“Talbots”) (NYSE:
TLB) and other violations of state law by the board of directors of
Talbots relating to the proposed acquisition of the company by
Sycamore Partners, LP (“Sycamore”). The firm’s investigation seeks
to determine, among other things, whether the board is breaching
their fiduciary duties by failing to maximize shareholder
value.
On December 6, 2011, Talbots announced that its board had
received an unsolicited letter from Sycamore outlining a
non-binding proposal to acquire all of Talbot’s outstanding common
stock for $3.00 per share in cash. According to Yahoo! Finance, at
least one analyst has set a price target of $4.00 per share, and
the stock was trading above the proposed takeover price as recently
as a few months ago. Moreover, a portfolio manager at
OppenheimerFunds (Talbot’s biggest shareholder) recently called
Sycamore’s takeover offer a “very opportunistic” effort to pick up
Talbot’s assets on the cheap.
If you currently own shares of Talbots and would like to learn
more about the investigation being conducted by Brower Piven, you
may email or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling
410/415-6616, or at Brower Piven, A Professional Corporation, 1925
Old Valley Road, Stevenson, Maryland 21153. Brower Piven is a
Maryland-based firm that is knowledgeable of the Maryland legal
standards that will apply in seeking to protect shareholders'
rights. Attorneys at Brower Piven have combined experience
litigating securities and other class action cases of over 60
years.
Talbots (NYSE:TLB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Talbots (NYSE:TLB)
Historical Stock Chart
From Jul 2023 to Jul 2024