By Lauren Thomas

Billionaire investor Ron Baron, the biggest shareholder in Figs, plans to add to his position while opposing a takeover proposal from a private-equity firm for the medical-apparel maker.

Baron has an agreement to buy all the Figs shares from Thomas Tull, another big stakeholder, which would bring Baron's economic ownership in the company up to more than 36%, according to a Tuesday securities filing.

Baron also doesn't support a recent take-private offer for Figs, the filing reiterates. Baron, who founded his firm Baron Capital in 1982, has said he plans to discuss the matter with Figs's board of directors.

Figs in December received a takeover bid from private-equity firm Story3 Capital Partners that valued the company at more than $1 billion. Story3 offered $6 a share for the common shares outstanding of Figs that it doesn't already own, according to a letter that The Wall Street Journal first reported on.

Figs stock closed Tuesday at $5.94, giving the company a market value of about $1 billion.

Figs is a direct-to-consumer healthcare-apparel maker known for its scrubs. The business was started in 2013 and later went public in 2021, commanding a valuation of more than $4.5 billion at the time.

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January 07, 2025 17:17 ET (22:17 GMT)

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