Scrubs maker Figs rebuffs Story3 Capital's take-private offer (updated)
16/01/2025 21:39
(Adds details and background throughout)
Jan 16 (Reuters) - Figs FIGS.N said on Thursday it has
rebuffed private equity firm Story3 Capital Partners' offer to
acquire the scrubs maker.
Last month, Story3 Capital had submitted a cash offer of $6
per share, which valued Figs at about $1 billion at the time.
Figs rejected the PE firm's unsolicited proposal as it
remains confident in its standalone plan and prospects, the
company said in a regulatory filing.
The scrubs maker had gone public in 2021 and was then
valued at $4.57 billion, indicating robust investor interest
after the maker of medical apparel, face masks and shields saw a
jump in demand during the COVID-19 outbreak.
Since the pandemic, however, the company's sales and
profit have slowed as demand stabilized. Since its IPO, Figs'
stock has dropped nearly 80%.
Story3 Capital did not immediately respond to a request
for comment.
(Reporting by Vallari Srivastava in Bengaluru; Editing by
Shailesh Kuber)
((Srivastava.Vallari@thomsonreuters.com;))