Medical-apparel maker Figs rises on buyout bid
11/12/2024 12:28
** Shares of Figs FIGS.N up 10.1% to $5.65 premarket after
buyout bid from private equity firm Story3 Capital Partners
** Story3 submitted cash offer of $6/sh, valuing medical scrubs
maker at over $1 bln, the PE firm said late Tues
** The $6 bid represents 17% premium to stock's last close.
YTD, stock has shed 26%
** Through Tues, Figs had ~$870 mln market value, per LSEG
** Co was valued at more than $4.5 bln when it went public
in May 2021 amid jump in demand during COVID outbreak, but sales
and profits have slowed since
** Its shares hit an all-time high of $50.40 a month after
the IPO, which priced at $22, but they declined sharply and have
traded below $10 since early 2023
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))