{"id":66413,"date":"2023-09-28T10:51:01","date_gmt":"2023-09-28T14:51:01","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/chicos-stock-soars-62-the-fashion-company-is-being-bought-for-1-billion\/"},"modified":"2023-09-28T10:51:04","modified_gmt":"2023-09-28T14:51:04","slug":"chicos-stock-soars-62-the-fashion-company-is-being-bought-for-1-billion","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66413","title":{"rendered":"Chico’s Stock Soars 62%. The Fashion Company Is Being Bought for $1 Billion."},"content":{"rendered":"
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\n Chico\u2019s FAS
\n stock was soaring more than 60% in premarket trading after the Florida-based fashion company said it was being acquired by Sycamore Partners for $1 billion and would be taken private. <\/p>\n

Chico\u2019s (ticker: CHS) shares soared 62% to $7.46. Including the gains Thursday, shares have risen 52% this year.<\/p>\n

\n

Under the agreement, Chico\u2019s shareholders will receive $7.60 a share in cash, a 65% premium to the company\u2019s closing stock price of $4.61 on Wednesday. <\/p>\n

\u201cThrough this investment, we are gaining additional expertise, financial resources and strategic flexibility to fuel the growth of our company and three powerful brands: Chico\u2019s, White House Black Market and Soma,\u201d said CEO Molly Langenstein in the release. \u201cSycamore Partners has an outstanding record in the retail industry in partnering with management teams to help businesses reach even greater levels of success.\u201d<\/p>\n

The transaction with private-equity firm\u00a0Sycamore was approved unanimously by the company\u2019s board and is expected to close by the end of the first quarter of 2024. The agreement includes a 30-day \u201cgo-shop\u201d period that expires at 11:59 p.m. Eastern time on Oct. 27, which allows the company and its financial advisor \u201cto actively solicit and consider alternative acquisition proposals.\u201d<\/p>\n

Write to Emily Dattilo at emily.dattilo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Chico\u2019s FAS stock was soaring more than 60% in premarket trading after the Florida-based fashion company said it was being acquired by Sycamore Partners for $1 billion and would be taken private. Chico\u2019s (ticker: CHS) shares soared 62% to $7.46. Including the gains Thursday, shares have risen 52% this year. Under the agreement, Chico\u2019s shareholders […]<\/p>\n","protected":false},"author":1,"featured_media":66414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-66413","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nChico's Stock Soars 62%. 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