Trudy F. Sullivan, Talbots President and Chief Executive Officer said, “Over the past two years we reinvigorated the Talbots brand, re-engineered our supply chain, divested non-core businesses, and streamlined our cost structure to address both competitive and market pressures, putting in place a strong foundation for our future. We are now beginning to realize the benefits of this hard work, and we are delighted to have the support of BPW stockholders as we begin the next chapter of growth at Talbots. By joining with BPW, Talbots will have a stronger and more flexible balance sheet and capital structure and be well positioned for future value creation for all of our stakeholders. This is an exciting time for Talbots as this transaction will create a stronger company with significantly enhanced ability to execute on our strategic plans and opportunities.”
The proposed transaction is subject to limited customary closing conditions and regulatory approvals, receipt of necessary financing by Talbots, including as contemplated by a commitment letter from GE Capital, BPW stockholder approval and the completion of the BPW warrant exchange offer on the terms described in the merger agreement. Aeon, as majority stockholder of Talbots, has approved the issuance of Talbots stock in the transaction and no further vote of Talbots stockholders will be required to complete the transaction.
Wachtell, Lipton, Rosen & Katz and Akin Gump Strauss Hauer & Feld LLP acted as legal advisors to BPW in connection with the transaction.
Financo Securities, LLC provided a fairness opinion to BPW Acquisition Corp. in connection with the transaction.
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