Charming Shoppes (CHRS) Agrees to Be Acquired by Ascena Retail Group (ASNA) for $7.35/Share
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Charming Shoppes, Inc. (NASDAQ: CHRS) confirmed a deal to be acquired by Ascena Retail Group, Inc. (NASDAQ: ASNA) for $7.35 per share in cash, or approximately $890 million.
The agreement comes at a premium of 25% to the closing market price of Charming Shoppes common stock on May 1, 2012 and an 89% premium to the unaffected share price of Charming Shoppe's common stock on November 30, 2011, the day prior to our announcement of our strategic review process.
The tender offer is expected to commence within 10 business days. Subject to customary conditions and approvals, the transaction is expected to close during the second calendar quarter of 2012.
The agreement comes at a premium of 25% to the closing market price of Charming Shoppes common stock on May 1, 2012 and an 89% premium to the unaffected share price of Charming Shoppe's common stock on November 30, 2011, the day prior to our announcement of our strategic review process.
The tender offer is expected to commence within 10 business days. Subject to customary conditions and approvals, the transaction is expected to close during the second calendar quarter of 2012.
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