Home / Knowledge / News / Apparel/Garments / Express confirms receipt of letter from Sycamore Partners
Express confirms receipt of letter from Sycamore Partners
13
Jun '14
Express, Inc. confirmed that it has received a letter from Sycamore Partners, which owns approximately 9.9% of Express' outstanding shares, indicating that Sycamore Partners is interested in acquiring the Company. 
 
The Company also announced that it has established a Special Committee of the Board to determine a course of action it believes is in the best interest of all stockholders.  In addition, Perella Weinberg Partners LP and Sullivan & Cromwell LLP have been engaged to serve as advisors to the Company and the Special Committee. 
 
The Company also has adopted a Stockholder Rights Plan (the "Rights Plan"), which is intended to ensure all stockholders realize the long-term value of their investment in the Company and protect them from unfair or coercive takeover attempts.  The Rights Plan is intended to provide the Board with sufficient time to consider any and all alternatives to an offer and does not prevent the Board from considering or accepting an offer, if the Board believes such action is fair, advisable and in the best interests of its stockholders.
 
Under the Plan, one right will be distributed for each share of Express common stock outstanding at the close of business on June 23, 2014. If any person or group acquires 10% or more of the voting power of the Company's outstanding common stock without the approval of the Board of Directors, there would be a triggering event causing significant dilution in the voting power of such person or group.  
 
Existing 10% or greater stockholders are grandfathered to the extent of their June 12, 2014 ownership levels.  The Rights Plan, which is similar to the rights plans of many other public companies, will continue in effect until June 12, 2015, unless ratified by a majority vote of the Company's stockholders (in which case the Rights Plan will expire on June 12, 2017) or unless earlier redeemed or terminated by Express, as provided in the Rights Plan.
 
About Express, Inc. 
Express is a specialty apparel and accessories retailer of women's and men's merchandise, targeting the 20 to 30 year old customer. The Company has over 30 years of experience offering a distinct combination of fashion and quality for multiple lifestyle occasions at an attractive value addressing fashion needs across work, casual, jeanswear, and going-out occasions. The Company currently operates more than 600 retail and factory outlet stores, located primarily in high-traffic shopping malls, lifestyle centers, and street locations across the United States, Canada and Puerto Rico.  Express merchandise is also available at franchise stores in the Middle East and Latin America.
 

Express


Must ReadView All

Apparel/Garments | On 22nd Sep 2017

Govt announces new duty drawback rates for garments

The Government of India has today announced the new duty drawback...

Courtesy: ITMA

Textiles | On 22nd Sep 2017

ITMA 2019 to focus on smart garment technologies

ITMA 2019, the world's largest textile and garment technology...

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Interviews View All

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search