Talbot's Inc. (TLB) may want to hear Sycamore Partners out, after all.
The women's apparel retailer last month turned down a $212 million buyout offer from Sycamore last month, saying that the $3 per share offer was "inadequate and substantially undervalues" the company. But today Talbot's seems to have softened toward Sycamore, revealing in a regulatory filing that it will let the private equity firm have access to its books.
It is the first confidentiality agreement of this sort that Talbot's has signed.
Sycamore already holds nearly a 10% stake in Talbot's, which continues to make it the most likely buyer. No word yet on if today's move is a reflection of desperation at Talbot's, or of Sycamore's willingness to improve on its initial offer.
Sign up for my daily email newsletter on deals and deal-makers: GetTermSheet.com
Struggling women's clothing retailer gets a suitor.
Sycamore Partners, a new private equity firm focused on the consumer and retailer sectors, is in the process of trying to buy women's fashion retailer Talbot's (TLB), Fortune has learned. The opening salvo came earlier today, when Sycamore disclosed in a regulatory filing that it already has acquired a 9.9% stake in the company for $21.62 million.
Talbot's currently has a market cap of around $265 million, MOREDan Primack - Aug 1, 2011 10:38 AM ET
|GM's recalled Cobalt was a failure from the start|
|Michaels hack hit 3 million|
|Why you should pay off your car loan ASAP|
|Americans have fallen in love with real estate once again|
|Lara Spencer promoted to 'Good Morning America' co-host|