Market Chatter: Figs Receives Story3 Capital Takeover Offer Valuing Company at $1 Billion

MT Newswires Live12-11

Figs (FIGS) has received a takeover offer from private-equity firm Story3 Capital Partners valuing the company at more than $1 billion, The Wall Street Journal reported Tuesday, citing a document.

Story3 offered the medical apparel maker a price of $6 per share, or an 18% premium over the company's $5.09 price on Friday, the report said. Story3 and affiliates already own around 1% of the company's shares, said the report.

The NYSE-traded shares were up 6.6% to $5.47 in Wednesday's premarket activity.

The private equity firm intends to take Figs private, arguing that the company is "constrained" by its public status, the report said.

Figs and Story3 did not immediately reply to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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