Talbots extends offer; shares jump
NEW YORK, March 29 (Reuters) - Women's apparel retailer Talbots Inc (TLB.N) said on Monday 29 March that it was extending its exchange offer by three days as it tries to garner the minimum number of warrants to complete its merger, helping to send its shares up more than 6 percent.
Talbots Inc petite womenswear - Photo: www.talbots.com
The company said its offer -- to exchange warrants to buy shares of BPW Acquisition Corp (BPW.A) for Talbots shares or warrants to buy Talbots shares -- was previously scheduled to expire at midnight at the end of March 26.
Yet only 87.5 percent of BPW warrants had been tendered by that time, Talbots said, noting that the minimum required to consummate the deal is 90 percent.
As a result, Talbots said it would extend the exchange offer to 6:00 p.m. ET on Monday, March 29.
The offer was filed with the Securities and Exchange Commission on March 17.
Talbots shares were up 70 cents, or 6.1 percent, at $12.18 on the New York Stock Exchange. (Reporting by Martinne Geller; Editing by Lisa Von Ahn)