Figs Shares Rise in Premarket on Go-Private Buyout Report

Dow Jones12-11

By Adriano Marchese

Figs shares jumped Wednesday morning after The Wall Street Journal reported the company received a takeover offer from private-equity firm Story3 Capital Partners that valued the company at more than $1 billion.

Shares traded 9.6% higher at $5.62 ahead of the morning bell.

According to the report late Tuesday, Story3 offered $6 a share for the common shares outstanding of Figs, a direct-to-consumer healthcare-apparel maker, that it doesn't already own.

Story3 and affiliated funds own a little over 1% of the company's shares, according to the report.

Shares have been under pressure in the year, falling about 26% year-to-date, and has a market value of about $871 million. Part of the decline is because of the company facing higher costs to keep up its fulfillment centers while customers are ordering less and growth has stalled.

Story3 said in its letter that one of its strategic limited partners, Fortress Investment Group, is prepared to provide the debt financing for the deal, The Wall Street Journal reported.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 11, 2024 06:56 ET (11:56 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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