FIGS, Inc. officially rebuffed the take-private offer from private equity firm Story3 Capital Partners. The offer had proposed to acquire the scrubs maker at a valuation exceeding $1 billion, or $6 per share. This decision confirms FIGS' intent to continue operating as a public company.
The rejection follows a period of evaluation by FIGS' management and Board of Directors regarding the unsolicited bid. The company's decision indicates a belief that its long-term value as a standalone public entity surpasses the terms of the proposed acquisition.
This move signals that FIGS will continue to pursue its growth strategies, including international expansion, the TEAMS B2B business, and retail initiatives, under its current public ownership structure. Shareholders will now focus on the company's execution of these strategies to drive future value.
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