Talbots 8-K 2010
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 22, 2010
THE TALBOTS, INC.
(Exact Name of Registrant as Specified in Charter)
Registrants telephone number, including area code (781) 749-7600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
INFORMATION TO BE INCLUDED IN THE REPORT
Section 8 Other Events
On March 22, 2010, an affiliated group of hedge funds purportedly holding outstanding warrants (the BPW Warrants) to purchase shares of common stock of BPW Acquisition Corp. (BPW) filed an action captioned Pentwater Growth Fund, Ltd., et al. v. BPW Acquisition Corp., et al., C.A. No. 5367-VCS, in the Court of Chancery of the State of Delaware (the Chancery Court) against BPW and The Talbots, Inc. (Talbots).
The complaint alleges that BPW has breached the Warrant Agreement, dated as of February 26, 2008, by and between BPW and Mellon Investor Services, LLC, related to the BPW Warrants (the Warrant Agreement) and its implied covenant of good faith and fair dealing by proposing certain amendments to the Warrant Agreement by way of a preliminary proxy statement filed by BPW with the Securities and Exchange Commission on March 16, 2010 (the Consent Solicitation). The complaint seeks a declaration that the proposed modifications to the Warrant Agreement constitute breach of contract and/or a breach of the implied covenant of good faith and fair dealing. In such complaint, plaintiffs indicate they do not intend to participate in the Consent Solicitation or tender their BPW Warrants in the exchange offer for such BPW Warrants currently being conducted by Talbots. On March 23, 2010 Plaintiffs subsequently filed a motion for a temporary restraining order, seeking to enjoin both the consummation of Talbots outstanding exchange offer for BPW Warrants and the effectiveness of the Consent Solicitation pending the Chancery Courts ruling on the legality of the proposed amendments. Talbots believes the litigation is without merit and intends to defend against the claims vigorously.
The foregoing descriptions regarding the complaint and motion for temporary restraining order filed in connection with this litigation are only summaries of each such complaint and motion for temporary restraining order and are qualified in their entirety to reference to such complaint and motion for temporary restraining order, which are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively to this Form 8-K and are incorporated herein by reference.
Section 9 Financial Statements and Exhibits
Cautionary Statement and Certain Risk Factors to Consider
In addition to the information set forth in this Form 8-K, you should carefully consider the risk factors and risks and uncertainties included in each of Talbots and BPWs Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as in this Form 8-K below.
This Form 8-K contains forward-looking information. These statements may be identified by such forward-looking terminology as expect, achieve, plan, look, believe, anticipate, outlook, will, would, should, potential, or similar statements or variations of such terms. All of the information concerning Talbots or BPWs outlook, future liquidity, future financial performance and results, future credit facilities and availability, future cash flows and cash needs, and other future financial performance or financial position, as well as assumptions underlying such information, constitute forward-looking information. Forward looking statements are
based on a series of expectations, assumptions, estimates and projections about BPW and/or Talbots, are not guarantees of future results or performance, and involve substantial risks and uncertainty, including assumptions and projections concerning liquidity, internal plans, regular-price and markdown selling, operating cash flows, and credit availability for all forward periods. Business and forward-looking statements involve substantial known and unknown risks and uncertainties, including the following risks and uncertainties:
All of the forward-looking statements are as of the date of this Form 8-K only. In each case, actual results may differ materially from such forward-looking information. Neither Talbots nor BPW can give any assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of or any material adverse change in one or more of the risk factors or risks and uncertainties referred to in this Form 8-K or included in Talbots and/or BPWs periodic reports filed with the Securities and Exchange Commission could materially and adversely affect Talbots and/or BPWs continuing operations and Talbots and/or BPWs future financial results, cash flows, prospects, and liquidity. Except as required by law, neither Talbots nor BPW undertakes or plans to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances affecting such forward-looking statements occurring after the date of this Form 8-K, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. Any public statements or disclosures by Talbots and BPW following this Form 8-K which modify or impact any of the forward-looking statements contained in this Form 8-K will be deemed to modify or supersede such statements in this Form 8-K.
Important Additional Information and Where to Find It
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote, consent or approval. Talbots has filed with the SEC, and the SEC has declared effective, a Registration Statement on Form S-4 containing a Prospectus/Proxy Statement/Information Statement regarding the proposed merger transaction between Talbots and BPW. The final Prospectus/Proxy Statement/Information Statement regarding the proposed merger transaction has been mailed to stockholders of Talbots and BPW. Talbots has also filed with the SEC, and the SEC has declared effective, a Registration Statement on Form S-4 containing a Prospectus/Offer to Exchange and other documents, as required, in connection with the warrant exchange offer. The Prospectus/Offer to Exchange and related offer documents have been mailed to warrantholders of BPW. Investors and security holders are urged to read the Prospectus/Proxy Statement/Information Statement, the Prospectus/Offer to Exchange, any amendments or supplements thereto and any other relevant documents filed with the SEC when available carefully because they contain important information. Investors and security holders will be able to obtain free copies of the Registration Statements, the final Prospectus/Proxy Statement/Information Statement, the Prospectus/Offer to Exchange, any amendments or supplements thereto and other documents filed with the SEC by Talbots and BPW through the web site maintained by the SEC at www.sec.gov. In addition, investors and security holders will be able to obtain free copies of the Registration Statements, the final Prospectus/Proxy Statement/Information Statement, the Prospectus/Offer to Exchange, and any amendments or supplements thereto when they become available from Talbots by requesting them in writing at Investor Relations Department, One Talbots Drive, Hingham, MA 02043, or by telephone at (781) 741-4500. The documents filed by BPW may also be obtained by requesting them in writing to Doug McGovern at BPW Acquisition Corp., 767 Fifth Avenue, 5th Floor, NY, NY 10153, or by telephone at (212) 287-3200.
The offer by Talbots to exchange all warrants exercisable for shares of BPW common stock for shares of Talbots common stock and warrants exercisable for shares of Talbots common stock, subject to the election and proration procedures set forth in the Prospectus/Offer to Exchange, will only be made pursuant to such Prospectus/Offer to Exchange, the letter of election and transmittal and other offer documents, as amended or supplemented. The warrant exchange offer is scheduled to expire at 12:00 midnight, New York City time, at the end of March 26, 2010, unless extended. If the offer is extended, Talbots will notify the exchange agent for the offer and issue a press release announcing the extension on or before 9:00 a.m. New York City time on the first business day following the date the exchange offer was scheduled to expire.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.