Chico’s rejects takeover bid from Sycamore

Chico's FAS, Inc. has rejected the unsolicited proposal received from Sycamore Partners on May 10, 2019 to acquire the company for 3.50 dollars per share in cash. The company said that after reviewing the proposal in consultation with its independent financial and legal advisors, its board reached a conclusion that Sycamore's proposal substantially undervalues Chico's FAS and is not in the best interests of shareholders.