Friday greetings from the home office, where we're waiting for San Jose and St. Louis to get on with it. Remember that I always appreciate feedback and scoop via email (email@example.com) or anonymous tip (http://axios.com/tips). Or ask for my Signal/Confide/Telegram info via email or Twitter DM. Okay, here we go...
Women's apparel retailer Chico's FAS yesterday rejected a $3.50 per share takeover offer from private equity firm Sycamore Partners, saying it undervalued the company. Nothing shocking, given that Chico's had previously rejected an offer from Sycamore that was 18.6% higher.
But there are still some big questions about how Sycamore will fare on this non-deal, given that it disclosed a 6.6% stake in Chico's at the same time it announced its $3.50 per share takeover offer. And if that offer, which was bound to be nixed, was designed to recoup some earlier losses.
Before continuing, it's important to note that Sycamore doesn't like to talk to reporters about... well, anything. And it's maintained that same posture this time around, made even more complicated by the fact that its outside PR firm happens to represent Chico's on this particular situation. So what follows is based only on public filings:
This missing math makes it very difficult to figure out Sycamore's performance or intentions, particularly when married to the fact that we have no disclosures (yet) about what Sycamore might have sold subsequent to its press release.
🎧 Pro Rata Podcast focuses on why the U.S. didn't join over a dozen countries on a plan to curb terrorist and extremist content on social media networks, with the White House instead launching a solo effort to identify instances of political bias by the network operators. Listen here.
Illustration: Sarah Grillo/Axios
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🚑 Zipline, a drone delivery service for medical supplies, raised $190 million at a $1.2 billion post-money valuation. Investors include Katalyst Ventures, Baillie Gifford, GV, Temasek, Goldman Sachs and The Rise Fund. http://axios.link/hTEa
🚑 DNA Script, a Paris-based maker of synthetic nucleic acids, raised $38.5 million in Series B funding. LSP and BPIFrance were joined by return backers Sofinnova Partners, Kurma Partners, Idinvest Partners, Illumina Ventures and M Ventures. http://axios.link/tcJJ
• Revenue Analytics, an Atlanta-based provider of pricing and revenue management software, raised $11 million in Series A funding. Noro-Moseley Partners led, and was joined by Blue Lagoon Capital. http://axios.link/TS6w
• Retail Zipline, a San Francisco-based retail communication platform, raised $9.6 million in Series A funding. Emergence led, and was joined by Serena Ventures. http://axios.link/VF3p
• JumpCrew, a New York-based acquisition marketing platform, raised $7.2 million in Series B funding co-led by Nashville Capital Network and Hinsdale Capital. http://axios.link/dcmh
• MultiVu, a Tel Aviv-based developer of 3D imaging technology that relies on a single sensor, raised $7 million in seed funding from OurCrowd, Cadrumen Capital and Junson Capital. http://axios.link/3Z8E
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• The Blackstone Group took a passive minority stake in mid-market buyout firm Marlin Equity Partners.
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⛽ Spruce Finance, a Houston-based owner and operator of distributed generation solar and residential energy asset, raised $50 million in equity funding from HPS Investment Partners. http://axios.link/qq0n
• SugarCRM, a Cupertino, Calif.-based portfolio company of Accel-KKR, acquired Salesfusion, an Atlanta-based marketing automation software company that had raised around $15 million from firms like Hallett Capital and Noro-Mosely. http://axios.link/9OrZ
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• Fiverr, an Israel-based freelance work marketplace, filed for a $100 million IPO. It plans to trade on the NYSE (FVRR) with JP Morgan as lead underwriter, and reports a $36 million net loss on $75.5 million in revenue for 2018. It had raised around $110 million in VC funding from Bessemer Venture Partners, Accel, Square Peg Capital, Qumra Capital and ION Crossover Partners. http://axios.link/gVNb
☕ Luckin Coffee, a homegrown rival to Starbucks in China, raised $561 million in its IPO, after increasing its number of offered shares and pricing at the top of its $15-$17 range. It will trade on the Nasdaq (LK), while pre-IPO shareholders include BlackRock and Temasek. http://axios.link/DIQ4
• BandLab, a Singapore-based social music platform, agreed to buy British music magazines NME and Uncut from TI Media, a London-based portfolio company of Empris. http://axios.link/j7kL
⛽ Reliance Gathering, a Midland, Texas-based crude oil gathering company backed by Metalmark Capital and Monarch Investments, is exploring a sale that could fetch around $500 million, per Bloomberg. http://axios.link/80ow
⛽ Yorktown Partners is seeking a buyer for Vaquero Midstream, a The Woodlands, Texas-based oil and gas processor that could fetch over $1 billion, per Bloomberg. http://axios.link/4Qpf
• Air Canada (TSX: AC) is in exclusive talks to buy Montreal-based travel tour operator Transat (TSX: TRZ) for around C$520 million, or C$13 per share (23% premium to Wednesday’s closing price). http://axios.link/36Dt
• Carrefour (Paris: CA), the French retailing giant, is considering the sale of a minority stake in its $1 billion China business, per Reuters. http://axios.link/1Pw1
• HP Enterprise (NYSE: HPE) is in “advanced talks” to buy Seattle-based supercomputer maker Cray (Nasdaq: CRAY), which has a market cap of around $1.2 billion, per Bloomberg. http://axios.link/Gykp
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🚑 Takeda Pharmaceuticals (Tokyo: 4502) is expecting to receive binding offers for its Latin American business by the end of May, with both Patria Investments and Brazilian pharma group EMS said to be likely suitors, per Reuters. http://axios.link/3FTu
• Zeeshan Ahmedani joined Morrison & Foerster as a Los Angeles-based partner in the law firm’s private funds group. He previously was a partner with White & Case. www.mofo.com
• Meredith McPherron, a Boston-area angel investor and company advisor, joined Glasswing Ventures as a venture partner. www.glasswing.vc