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.
(Reporting by Ranjita Ganesan; Editing by Roshni Menon and Joyjeet Das)
Image Credit: Talbots