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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): December 22, 2023
Chico’s FAS, Inc.
(Exact Name of Registrant as Specified in its Charter)
Florida |
001-16435 |
59-2389435 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
11215 Metro Parkway, Fort Myers FL |
33966 |
(Address of Principal Executive Offices) |
(Zip code) |
(239) 277-6200
(Registrant’s Telephone Number, Including Area
Code)
(Former Name or Former Address, if Changed Since Last
Report)
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:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, Par Value $0.01 Per Share |
|
CHS |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
On
November 29, 2023, Chico’s FAS, Inc., a Florida corporation (“Chico’s” or the “Company”), filed
a Proxy Statement on Schedule 14A (the “Proxy Statement”) with the Securities and Exchange Commission
(“SEC”) in connection with the Agreement and Plan of Merger (as it may be amended from time to time, the “Merger
Agreement”), dated as of September 27, 2023 (as it may be amended, supplemented or otherwise modified from time to time,
the “Merger Agreement”), by and among Daphne Parent LLC (“Parent”), Daphne Merger Sub, Inc., a direct,
wholly owned subsidiary of Parent (“Merger Sub”), and Chico’s, pursuant to which Merger Sub will merge with and
into Chico’s (the “Merger”), with Chico’s surviving the Merger and becoming a wholly owned subsidiary of
Parent. The special meeting of Chico’s shareholders (the “Special Meeting”) will be held virtually on January 3,
2024, at 9:00 a.m., Eastern Time, to act on the proposal to adopt the Merger Agreement and certain other proposals, as disclosed in
the Proxy Statement.
Since
the filing of the Company’s preliminary proxy statement (the “Preliminary Proxy Statement”) with the SEC on November 16,
2023, several purported shareholders of Chico’s have sent demand letters generally alleging that the (i) Preliminary Proxy
Statement and/or Proxy Statement omitted material information that rendered it false and misleading or otherwise had disclosure
deficiencies in violation of federal securities laws and (ii) Company’s board of directors (the “Board of
Directors”) breached their fiduciary duties under Florida law. The demand letters demand corrective disclosure to the Proxy
Statement.
In addition, on December
6, 2023, a complaint was filed by purported shareholder Robert Garfield (the “Complaint”) alleging, among other things, that
the Preliminary Proxy Statement filed and/or the Proxy Statement omitted material information that rendered those documents incomplete
or misleading. Robert Garfield v. Brooks, et al., Case No. 23-CA-013201, Twentieth Judicial District in and for Lee County,
Florida.
Chico’s believes
that the claims asserted in the demand letters and in the Complaint are without any merit and that no supplemental disclosure is required
under applicable laws. However, in order to reduce the risk of the Complaint or demand letters delaying or adversely affecting the transactions
contemplated by the Merger Agreement and to minimize the costs, risks and uncertainties inherent in litigation, and without admitting
any liability or wrongdoing whatsoever, Chico’s has determined to voluntarily supplement the Proxy Statement by providing the additional
information presented below in this Current Report on Form 8-K. Nothing in this Current Report on Form 8-K shall be deemed an admission
of the legal necessity or materiality under applicable laws of any of the supplemental disclosures set forth herein. To the contrary,
the Company specifically takes the position that no further disclosure of any kind was or is required to supplement the Proxy Statement
under applicable laws.
Supplemental
Disclosure to the Proxy Statement
The additional
disclosures (the “supplemental disclosures”) in this Current Report on Form 8-K supplement the disclosures contained in the
Proxy Statement and should be reviewed in conjunction with the disclosures contained in the Proxy Statement, which in turn should be carefully
read in its entirety. To the extent information set forth in the supplemental disclosures differs from or updates information contained
in the Proxy Statement, the information in this Current Report on Form 8-K shall supersede the applicable information contained in the
Proxy Statement. All page references are to the Proxy Statement, and capitalized terms used but not otherwise defined herein have the
meanings ascribed to such terms in the Proxy Statement.
| 1. | The disclosure in the second full paragraph on page 5 of the Proxy Statement, the third full paragraph
on page 26 of the Proxy Statement, the final paragraph beginning on page 48 of the Proxy Statement and the sixth full paragraph on page
59 of the Proxy Statement is hereby amended by adding the following text at the end of each such paragraph: |
Depending on the performance of the Company
during the relevant measurement period, actual performance may be less than, or may exceed, target performance under the applicable award
agreement.
| 2. | The disclosure in the third full paragraph on page 27 of the Proxy Statement is hereby amended and
restated as follows (with the new text underlined and the stricken text removed): |
On June 9, 2023, the
Board held a meeting (the “June 9 Meeting”), with members of senior management present, to allow the directors who were available
at that time to be briefed on the May 22 Proposal. Representatives of Solomon Partners and Paul, Weiss were also in attendance. At the
meeting, the directors discussed the terms of the May 22 Proposal. Representatives of Solomon Partners reviewed with the directors certain
preliminary financial analyses of Chico’s and the May 22 Proposal. Representatives of Paul, Weiss also reviewed with the directors
the fiduciary duties of the directors in considering a change in control transaction. The directors discussed on a preliminary basis the
Company’s options for responding to the May 22 Proposal and the potential process Chico’s could undertake if the Board determined
it was in the interests of Chico’s and its shareholders to engage in discussions with Sycamore. The Solomon Partners representatives
outlined their view that the universe of strategic and financial parties with the interest and ability to acquire Chico’s
would be extremely limited, given the conditions in the retail sector and the limited availability of financing at that
time. The directors also discussed the interest of Chico’s and its shareholders in maintaining the confidentiality of the Company’s
information and of any process involving the Board’s evaluation of the May 22 Proposal or other strategic alternatives. The directors
present decided that the Board would further discuss these analyses and options at a subsequent meeting of the Board where additional
directors would be present.
| 3. | The disclosure in the seventh full paragraph on page 31 of the Proxy Statement is hereby amended and
restated as follows (with the new text underlined): |
On September 7, 2023,
at the request of the Board, representatives of Solomon Partners provided customary relationship disclosures to the Board, which included
disclosure that in the past two years, Solomon Partners had not received any investment banking fees from Sycamore or its
affiliated funds or portfolio companies. Please see the section of this proxy statement entitled “Opinion of Solomon Partners
Securities, LLC – Miscellaneous” for a summary of these disclosures.
| 4. | The disclosure in the fourth full paragraph on page 34 of the Proxy Statement is hereby amended and
restated as follows (with the new text underlined): |
None
of the May 22 Proposal, July 19 Proposal, July 29 Proposal, August 30 Proposal or September 27 Proposal discussed retention of Company
management in the surviving company or Company management’s purchase of or participation in surviving company equity following the
closing of a transaction. At the time of the execution of the Merger Agreement, Sycamore had not discussed the terms of any post-closing
employment or equity participation for the Company’s management with the Board, the Company or any members of the Company’s
management.
| 5. | The disclosure in the sixth full paragraph on page 34 of the Proxy Statement is hereby amended and
restated as follows (with the new text underlined): |
During the Go-Shop
Period (as defined in the section entitled “The Merger—The Merger Agreement” beginning on page 58 of this
Proxy Statement), at the direction of the Board, representatives of Solomon Partners contacted 114 potential counterparties to a strategic
transaction involving Chico’s, including 46 strategic parties and 68 financial parties. Following the announcement of the Merger
Agreement, Chico’s also received a general inquiry from an additional financial party regarding its potential interest in acquiring
non-core operations of the Company, if there were any such operations that the Company was interested in divesting. Of these parties,
two financial parties contacted by Solomon Partners (“PE Firm A” and “PE Firm B”) and three strategic parties
contacted by Solomon Partners (“Company A,” “Company B” and “Company C”) requested to negotiate a
nondisclosure agreement with the Company. PE Firm A, Company A, Company B and Company C executed nondisclosure agreements with Chico’s
and received access to certain non-public information regarding the Company. The nondisclosure agreements with PE Firm A, Company
A, Company B and Company C contained customary provisions regarding the use and disclosure of the confidential information provided by
the Company to each potential counterparty, an agreement by each counterparty not to enter into exclusivity, lock-up or similar agreements
that may reasonably be expected to restrict any other party’s ability to serve as a financing source for, or to be a co-investor,
co-bidder or otherwise act as a principal with any other person in relation to a potential transaction involving the Company, and a customary
non-solicitation covenant. None of the nondisclosure agreements contained standstill restrictions on the potential counterparties.
| 6. | The section of the Proxy Statement entitled “The Merger—Opinion of Solomon Partners
Securities, LLC—Selected Publicly Traded Companies Analysis” is hereby amended and restated as follows (with the new text
underlined and the stricken text removed): |
Selected Publicly Traded Companies
Analysis
Solomon Partners reviewed
and compared certain financial information for the Company to corresponding financial information for the following publicly traded corporations
in the apparel retail industry (collectively, the “Selected Companies”):
Although none of the
Selected Companies was directly comparable to the Company, the Selected Companies included were chosen by Solomon Partners because they
were U.S. domestic, publicly traded companies which engage in a similar business as the Company and with operations that, for purposes
of this analysis, may be considered similar to certain operations of the Company.
Solomon Partners calculated
and compared various financial multiples for the Selected Companies and the Company based on historical financial data from publicly available
sources and forecasts from Wall Street research available as of September 26, 2023 for the Selected Companies and the Company.
With respect to the
Selected Companies, Solomon Partners calculated:
| · | the enterprise value (which represents the equity value plus book values of total debt, including preferred
stock and minority interests, less cash and cash equivalents) (“EV”) as a multiple of earnings before interest, tax, depreciation,
amortization, and adjusted to exclude non-recurring and extraordinary items (“Adjusted EBITDA”) for the last twelve months
as of the end of the last quarter for which financial statements were publicly available (“LTM”); |
| · | EV as a multiple of equity research analysts’ consensus estimated EBITDA calendarized to the Company’s
fiscal year 2023 (“2023E EBITDA”); |
| · | price per share (“P”) as a multiple of equity research analysts’ consensus estimated
earnings per share calendarized to the Company’s fiscal year 2023 (“2023E EPS”); and |
| · | P as a multiple of equity research analysts’ consensus estimated earnings per share calendarized
to the Company’s fiscal year 2024 (“2024E EPS”). |
The table below
summarizes the results of these calculations:
Selected
Companies |
|
EV
/ LTM ADJ. EBITDA |
|
EV
/ 2023E EBITDA |
|
P
/ 2023E EPS |
|
P
/ 2024E EPS |
Urban Outfitters, Inc. |
|
6.3x |
|
4.9x |
|
9.9x |
|
9.2x |
Tapestry, Inc. |
|
5.4x |
|
5.3x |
|
7.0x |
|
6.6x |
The Gap, Inc. |
|
5.0x |
|
4.6x |
|
14.2x |
|
11.3x |
Guess?, Inc. |
|
4.9x |
|
4.6x |
|
6.9x |
|
6.5x |
Vera Bradley, Inc. |
|
4.5x |
|
4.7x |
|
10.9x |
|
9.3x |
Torrid Holdings Inc. |
|
4.1x |
|
4.7x |
|
NM |
|
5.7x |
J.Jill, Inc. |
|
3.8x |
|
3.7x |
|
9.6x |
|
8.7x |
Victoria’s Secret & Co. |
|
3.6x |
|
4.1x |
|
7.5x |
|
6.7x |
Express, Inc. |
|
NM(2) |
|
NM |
|
NM |
|
NM |
The Cato Corporation |
|
NM |
|
NA(3) |
|
NA |
|
NA |
Median(1) |
|
4.7x |
|
4.7x |
|
9.6x |
|
7.7x |
Chico’s(4) |
|
2.5x |
|
2.8x |
|
6.6x |
|
6.3x |
(1) | | Medians exclude
Chico’s. |
(2) | | NM means
not meaningful. |
(3) | | NA means
not applicable. |
(4) | | LTM Adjusted
EBITDA for Chico’s, as provided by the management of the Company to Solomon Partners
for use in this analysis, was $178.5 million. |
Using the results of the above analysis:
| · | Solomon Partners applied the 3.6x – 6.3x range of EV/ LTM Adjusted EBITDA multiples to the LTM Adjusted
EBITDA of the Company, as of July 29, 2023 (as derived from the Company’s Form 10-Q for the period ended July 29, 2023 and the Company’s
Form 10-K for the period ended January 28, 2023), to derive a range of implied enterprise values for the Company. Solomon Partners then
added the net cash of the Company, as of July 29, 2023 (as reflected in the Company’s Form 10-Q for the period ended July 29, 2023)
to derive a range of implied equity values for the Company. Solomon Partners then divided this range of implied equity values by the number
of shares outstanding as of August 21, 2023 (123.4 million shares, as reflected in the Company’s Form 10-Q for the
period ended July 29, 2023) to derive a range of implied values per share of the Company’s Common Stock of $6.18 - $10.07. |
| · | Solomon Partners applied the 3.7x – 5.3x range of EV/ 2023E EBITDA multiples to the 2023 estimated
EBITDA of the Company, using the Projections, to derive a range of implied enterprise values for the Company. Solomon Partners then added
the net cash of the Company, as of July 29, 2023 (as reflected in the Company’s Form 10-Q for the period ended July 29, 2023) to
derive a range of implied equity values for the Company. Solomon Partners then divided this range of implied equity values by the number
of shares outstanding as of August 21, 2023 (123.4 million shares, as reflected in the Company’s Form 10-Q for
the period ended July 29, 2023) to derive a range of implied values per share of the Company’s Common Stock of $5.81 - $7.78. |
| · | Solomon Partners applied the 6.9x -14.2x range of P/ 2023E EPS multiples to the 2023 estimated EPS for
the Company, using the Projections, to derive a range of implied values per share of the Company’s Common Stock of $4.81 - $9.85. |
| · | Solomon Partners applied the 5.7x – 11.3x range of P/ 2024E EPS multiples
to the 2024 estimated EPS for the Company, using the Projections, to derive a range of implied values per share of the Company’s
Common Stock of $4.75 - $9.40. |
| 7. | The section of the Proxy Statement entitled “The Merger—Opinion of Solomon Partners
Securities, LLC—Illustrative Discounted Cash Flow Analysis” is hereby amended and restated as follows (with the new text
underlined): |
Illustrative Discounted Cash Flow
Analysis
Solomon Partners performed
illustrative discounted cash flow analyses on the Company using the Projections.
Using discount rates
ranging from 14.0% to 16.0%, reflecting estimates of the Company’s weighted average cost of capital (derived by the application
of the Capital Asset Pricing Model, which takes into account certain company-specific metrics, including the Company’s target capital
structure, the cost of long-term debt, after-tax yield on permanent excess cash, if any, forecast tax rate and historical beta, as well
as certain financial metrics for the United States financial markets generally), Solomon Partners discounted to present value as of September 30,
2023, (i) estimates of unlevered free cash flow for the Company through fiscal year-end 2026, as reflected in the Projections, and (ii)
a range of illustrative terminal values for the Company, which were calculated by applying an illustrative range of exit terminal year
EBITDA multiples of 3.5x to 5.5x (which were derived by Solomon Partners using its experience and professional judgment after taking
into account historical EBITDA multiples for the Company and the Selected Companies) to projected terminal year EBITDA for the
Company as reflected in the Projections. Solomon Partners then added the ranges of present values it derived above to derive a range of
implied EVs for the Company. Solomon Partners then added the Company’s estimated net cash as of September 30, 2023 ($93.5
million), as provided by the management of the Company, to the range of implied EVs to derive a range of implied equity values
for the Company. Solomon Partners then divided the range of implied equity values by the number of fully diluted shares (131.4 million
shares), including all Company RSAs, Company RSU Awards and Company PSU Awards as of September 25, 2023, as provided by the management
of the Company, to derive a range of implied equity values per share of Chico’s Common Stock of $6.61 to $9.55.
| 8. | The section of the Proxy Statement entitled “The Merger—Opinion of Solomon Partners Securities,
LLC—Other Factors” is hereby amended and restated as follows (with the new text underlined): |
Other Factors
Solomon Partners noted
for the Board certain additional factors solely for informational purposes, including among other things, the following:
| · | Premiums Paid Analysis. Solomon Partners used publicly available information to review 76 transactions
to acquire targets, with transaction equity values in the $500 million to $1.5 billion range, in the United States from September 26,
2018 to September 26, 2023, in which at least a 50% stake was acquired for cash and/or stock consideration (excluding transactions in
the Finance, Oil & Gas Production, Integrated Oil, Oil & Gas Pipelines, Oilfield Services / Equipment, Real Estate, Rental &
Leasing and Health Technology industries). Solomon Partners calculated the median premium in these transactions represented by the excess
of the per share acquisition price in each transaction over the trading price of the target company 30 days prior to the announcement
of the applicable transaction. The result was a median premium of 39%, which Solomon Partners applied to the closing trading price on
September 26, 2023 of the Chico’s Common Stock, which resulted in an implied price of $6.42 per share of Chico’s Common Stock. |
| · | Illustrative Present Value of Future Stock Price Analysis. Solomon
Partners performed an illustrative analysis of the implied present value of the future price per share of the Chico’s Common Stock,
which is designed to provide an indication of the present value of a theoretical future value of a company’s share price as a function
of such company’s estimated future earnings and its assumed price to future earnings per share multiple. For this analysis, Solomon
Partners used estimated EPS from the Projections for fiscal years 2023 through 2026. Solomon Partners first calculated the implied values
per share of Chico’s Common Stock as of September 30, 2023 and as of the first day of each of fiscal years 2024 to 2026 by applying
price to one-year forward EPS multiples of 6.6x (representing the Company’s current forward price to earnings (forward 1 year) multiple,
reflecting median Wall |
| | Street analyst estimates as of September 26, 2023) to 9.6x (representing the median forward price to earnings (forward
1 year) multiple for the Selected Companies based on Wall Street research analyst reports) to estimated EPS for the Company for each of
the fiscal years 2023 through 2026. Solomon Partners then discounted those implied values per share back to September 30, 2023 using an
illustrative discount rate of 16.5%, reflecting an estimate of the Company’s cost of equity. This analysis resulted in a range of
implied present values of $4.60 to $8.70 per share of the Company’s Common Stock. |
| | |
| · | Historical Company Share Trading Analysis. Solomon Partners reviewed the historical trading prices
for the Chico’s Common Stock for the 52-week period ending September 26, 2023, which indicated a range of trading prices per share
of $4.39 to $7.17. |
| · | Analyst
Price Target Analysis. Solomon Partners reviewed stock price targets for the Chico’s
Common Stock in recently published, publicly available Wall Street research analyst reports
available as of September 26, 2023, which indicated low and high stock price targets for
the Company ranging from $6.00 to $7.25 per share of Chico’s Common Stock. |
The
table below summarizes the price targets utilized in the analysis:
Analyst |
|
Date |
|
Recommendation |
|
Target |
Telsey Advisory Group |
|
08/30/23 |
|
Hold |
|
$6.00 |
B. Riley Financial, Inc. |
|
09/01/23 |
|
Buy |
|
$7.25 |
Solomon
Partners’ premiums paid analysis, illustrative present value of future stock price, historical company share trading analysis and
analyst price target analysis were not fundamental valuation methodologies and were not used by Solomon Partners as a basis for rendering
its fairness opinion.
| 9. | The disclosure in the second full paragraph on page 44 of the Proxy Statement is hereby amended by
adding the following text at the end of the paragraph: |
During the two-year period preceding the date of the written
opinion delivered by Solomon Partners to the Board and subsequently through the date hereof, Solomon Partners has not made any investments
in funds affiliated with Sycamore.
| 10. | Additional Supplemental Disclosure |
As of the date hereof, none of our named executive officers has had any
discussions or negotiations, or entered into any agreement, with Parent or any of its affiliates regarding the potential terms of their
individual employment arrangements or the right to purchase or participate in the equity of Parent or one or more of its affiliates following
the consummation of the Merger. Prior to, or following the consummation of, the Merger, however, certain named executive officers may
have discussions, or may enter into agreements with, Parent, the Company or their respective affiliates regarding employment with, or
the right to purchase or participate in the equity of, Parent or one or more of its affiliates after the Effective Time.
SIGNATURES
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 thereunto duly authorized.
|
CHICO’S FAS, INC. |
|
|
|
|
|
Date: December 22, 2023 |
By: |
/s/ Molly
Langenstein |
|
|
|
Name: |
Molly
Langenstein |
|
|
|
Title: |
Chief
Executive Officer, President and Director |
|
|
|
|
|
|
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Chicos FAS (NYSE:CHS)
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