The New York Stock Exchange-listed business confirmed that it has received a letter from Sycamore, which currently owns a 9.9 per cent stake, indicating that it wants to buy the company.
Express has established a special committee of the board to “determine a course of action it believes is in the best interest of all stockholders.”
The company sells women’s and men’s merchandise, targeting the 20 to 30 year old customer. It currently operates more than 600 retail and factory outlet stores in the US, Canada and Puerto Rico.
Earlier this week Sycamore held a $2.5bn final close of its second fund, which follows its $1bn debut vehicle raised in 2012.
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