Reuters: Private Equity: UPDATE 1-Sycamore raises Talbots offer to about $215 mln

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UPDATE 1-Sycamore raises Talbots offer to about $215 mln May 7th 2012, 13:34 Mon May 7, 2012 9:34am EDT May 7 (Reuters) - Women's apparel retailer Talbots Inc , which had opened its books to Sycamore Partners in January, received a raised takeover offer of $214.6 million from the private equity firm. Talbots said Sycamore had offered to pay $3.05 per share - slightly higher than the $3.00 per share, or $212 million, it offered in December. Talbots had opened its books to Sycamore in January, shopping for a higher bid after rejecting the firm's initial offer. "The board continues to evaluate strategic alternatives, including Sycamore Partners' proposal," Talbots said in a statement on Monday. The company, which has struggled with falling sales and margins, also said it entered an exclusivity agreement with Sycamore, which will end on May 15.

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