Liz Claiborne shares rose as much as 21 percent yesterday after the Wall Street Journal reported that the clothesmaker and retailer had held buyout talks with private-equity firms.
The Journal, citing several sources, said Claiborne in recent months held discussions with several private-equity firms about taking the company private for $20 per share, which would value the company, whose brands include Juicy Couture and Kate Spade, at $2 billion.
Its shares were up 12.9 percent to $13.36 after soaring to $14.32, their highest level since October 2008. The Journal, which said there was no formal auction taking place, said buyout firms KKR, Permira Advisors and Warburg Pincus are among those interested in Claiborne. Permira declined to comment. Spokespersons for KKR and Warburg did not respond to requests for comment.
The company, which will change its name in May to Fifth & Pacific, has named George Carrara, a former Tommy Hilfiger exec, as its new finance and operations chief starting next week.
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Liz Claiborne, Claiborne, Juicy Couture, Warburg Pincus, The Journal, Journal, Permira Advisors, KKR, Kate Spade, the Wall Street Journal, company, George Carrara
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