Market Overview

Ascena Retail Group Reaches Agreement to Acquire Charming Shoppes for $890M or $7.35/Share

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Ascena Retail Group (NASDAQ: ASNA) and Charming Shoppes. (NASDAQ: CHRS) jointly announced Wednesday that they have entered into a definitive agreement under which Ascena will acquire Charming Shoppes in a cash transaction valued at approximately $890 million. Ascena has agreed to make a cash tender offer for all outstanding shares of Charming Shoppes common stock at a price of $7.35 per share. 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.

Posted-In: M&A News Pre-Market Outlook Movers

 

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