San Francisco The board of Children’s Place Retail Stores Inc. has approved a request from the company’s former CEO Ezra Dabah to work on a proposal to acquire Children’s Place with a private equity firm, according to the Associated Press.
Dabah had asked the board’s permission to bypass shareholder acquisition laws that could otherwise preclude Golden Gate Private Equity Inc.’s participation in an offer.
Dabah said in February he wanted to buy the Children’s Place for about $578 million.
Children’s Place said in a statement Friday it granted the request so it could evaluate all of its strategic options.
“There is no assurance that any such proposal will be made or, if made, would lead to an agreement with the company providing for a sale of the company,” it said in the statement.
Dabah was forced out in September after a company probe found he had violated internal policies for securities trades, the report said.