Talbots extends warrants exchange offer

Hingham, Mass. Talbots has extended a warrants exchange offer by one day.

The company said Thursday that the exchange offer was extended until 6 p.m. EDT. The offer had been set to expire on Wednesday night.

As part of the offer, BPW Acquisition Corp. holders can exchange their warrants for shares of Talbots stock or Talbots warrants.

In February shareholders of BPW Acquisition Corp., a special-purpose acquisition company, agreed to be bought out by Talbots as part of a broader restructuring plan.

The deal is part of a plan to let Talbots buy out its majority shareholder, lower its debt by about $330 million, and continue a turnaround. About 91% of BPW shareholders approved the transaction at the time.

About 30.8 million, or 87.9%, of the BPW warrants had been tendered as of Wednesday evening. At least 90% of the warrants must be tendered as one of the conditions of the exchange offer.