Fred's Inc. Shares Up 9% On Reported Private Equity Talks
Fred's Inc. (NASDAQ: FRED) shares jumped more than 9 percent Thursday on a Reuters report that the company in talks to be acquired by a private equity firm.
The company, which operates about 700 discount stores in the Southeast, hired Bank of America and Peter J. Solomon Co. in January to review strategic options after a disappointing holiday season.
Reuters said private equity firm Sycamore Partners is in early stage talks with Fred's that could lead to an acquisition.
There is at least one other party in separate talks with Fred's, according to sources not identified by Reuters.
Fred's traded recently at $16.32, up more than nine percent.
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