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Talbots Extends Exclusivity Period With Sycamore

May 23 (Bloomberg) -- Talbots Inc. extended its exclusivity agreement with Sycamore Partners LP for an additional day as it considers the private-equity firm’s $215 million buyout offer.

The exclusivity period will expire tomorrow, the Hingham, Massachusetts-based company said today in a statement. Sycamore’s most recent offer was for $3.05 a share.

Talbots said earlier this month that it was considering the offer after rejecting a previous bid of $3 a share as “substantially” undervaluing it. The company has posted seven straight quarters of year-over-year sales declines after it alienated its traditional older female customers by trying to attract younger shoppers.

The shares climbed 9.9 percent to $2.55 at the close in New York. Talbots has dropped 4.1 percent this year.

Talbots first entered the exclusivity agreement on May 5.

To contact the reporter on this story: Cotten Timberlake in Washington at ctimberlake@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net

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