Sycamore Partners and women's apparel chain Talbots have finally struck a buyout deal, according to Business Week.
Yesterday, the companies announced Sycamore will buy Talbots for $193.3 million in cash, or $2.75 per share. Including debt, the transaction is valued at $369 million.
Talbots initially received a $3 per share, or $212 million, buyout offer from Sycamore in December 2011, but the retailer's management felt the bid was too low. According to industry insiders, however, it was inevitable that Talbots would eventually agree to be taken private because it needs money to undertake a substatial repositioning of its stores.