Sycamore Partners to acquire Chico's FAS for $350m.

Sycamore Partners offered to acquire Chico's FAS, women's apparel retailer, for $3.50 per share in cash in a deal valued at $350m. Chico's will review the offer. Sycamore had previously offered $4.30 per share, which Chico's had rejected as it "substantially undervalued" the retailer. The company did not disclose the details of the previous offer. “Numerous Chico’s FAS shareholders have expressed to management that they support the Board’s previous decision to reject Sycamore’s proposal and share the view that Sycamore’s proposal is inadequate,”