Chico’s FAS Inc. (CHS) has received an unsolicited proposal from Sycamore Partners to acquire the company for $3.50 per share in cash.
Consistent with its fiduciary duties and following consultation with its independent financial and legal advisors, the Chico’s FAS Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interests of Chico’s FAS shareholders.
Chico’s FAS shareholders do not need to take any action at this time.
The company recently received and rejected an unsolicited proposal from Sycamore to acquire Chico’s FAS for $4.30 per share in cash.
The board unanimously determined that the prior proposal substantially undervalued Chico’s FAS and was not in the best interests of Chico’s FAS shareholders.