Medical-apparel maker Figs received a takeover offer from private-equity firm Story3 Capital Partners that valued the company at more than $1 billion, according to a proposal sent Monday and seen by The Wall Street Journal. Story3 offered $6 a share for the common shares outstanding of Figs that it doesn’t already own, according to the letter. Story3 and affiliated funds own a little over 1% of the company’s shares, it wrote. Figs has a market value of a little under $900 million. Its stock has fallen more than 20% so far this year, partly because of the company facing higher costs to keep up its fulfillment centers while customers are ordering less and growth has stalled. An offer of $6 represents an 18% premium to the stock’s closing price last Friday of $5.09.
Read the full article: Medical-Apparel Maker Figs Gets Takeover Bid from Private-Equity Firm //
Source: https://www.wsj.com/business/deals/figs-private-equity-takeover-bid-story3-cac610a8