LB - L Brands Crumbles After Sycamore Tries To Void Victoria's Secret Deal
Source: Barron's
Shares of L Brands (LB) were halted Wednesday morning after Sycamore Partners notified the company it was purporting to terminate the acquisition of a majority stake in Victoria's Secret:
L Brands, Inc. (NYSE: LB) today announced that Sycamore Partners delivered a notice on April 22, 2020 purporting to terminate the Feb. 20, 2020 transaction agreement ("Transaction Agreement") relating to the sale of a 55% interest in Victoria's Secret Lingerie, Victoria's Secret Beauty and PINK (collectively, Victoria's Secret) announced on Feb. 20, 2020. Sycamore Partners also filed a lawsuit in the Court of Chancery