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Express Shares Surged 22% as Sycamore Shown Interest In Acquisition

Express's shares jumped up 22% in late session trading yesterday after they mentioned that private equity group Sycamore Partners had intentions of acquiring it. Sycamore claimed in a SEC filing that has a 10% stake in Express. Currently, Express has formed a special board committee to make decisions regarding the letter of interest from Sycamore.

This plan has a 10% trigger, which should give the board time to consider any alternatives to this offer. Under this plan, 1 right will be distributed for each share of Express common stock outstanding at the close of business, which will be at the end of June.