(Reuters) – Figs said on Thursday it has rebuffed private equity firm Story3 Capital Partners’ offer to acquire the scrubs maker.
Last month, Story3 Capital had submitted a cash offer of $6 per share, which valued Figs at about $1 billion at the time.
Figs rejected the PE firm’s unsolicited proposal as it remains confident in its standalone plan and prospects, the company said in a regulatory filing.
The scrubs maker had gone public in 2021 and was then valued at $4.57 billion, indicating robust investor interest after the maker of medical apparel, face masks and shields saw a jump in demand during the COVID-19 outbreak.
Since the pandemic, however, the company’s sales and profit have slowed as demand stabilized. Since its IPO, Figs’ stock has dropped nearly 80%.
Story3 Capital did not immediately respond to a request for comment.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Shailesh Kuber)
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