Columbus, OH-based The Limited has started an exchange offer to buy back the 16% of Intimate Brands that it does not already own. Intimate Brands is the parent company of cataloger/retailers Victoria’s Secret and Bath & Body Works.
The Limited’s exchange offer begins Feb. 5 and is set to expire March 11. The retailer is offering 1.046 shares of its common stock in a tax-free exchange for each outstanding share of Intimate Brands Class A common stock. The Limited expects Intimate Brands to post fourth-quarter earnings of $0.58-$0.60 per share, up from $0.46 per share for the fourth quarter of fiscal 2000.