Ascena completes Charming Shoppes tender offer

Ascena Retail Group completes tender offer for Charming Shoppes' outstanding shares

Associated Press

SUFFERN, N.Y. (AP) -- Ascena Retail Group Inc. has completed its tender offer for Lane Bryant owner Charming Shoppes Inc.'s outstanding shares.

Ascena had announced in May that is buying Charming Shoppes for about $890 million, or $7.35 per share. The acquisition will give Ascena access to the large-size women's clothing market.

Charming Shoppes, based in Bensalem, Pa., also runs Fashion Bug, Catherines Plus Sizes and the direct marketing business Figi's.

Ascena's Dressbarn and Maurices stores offer clothing for young and older women, while its Justice stores cater to girls ages 7 to 14.

About 95.7 million shares, or about 81.5 percent of Charming's outstanding shares, were validly tendered in the offer and not withdrawn. The tender offer expired on Tuesday.

Suffern, N.Y.-based Ascena said Wednesday that the acquisition is expected to move forward without a vote by Charming shareholders.

Charming Shoppes will become an Ascena subsidiary and will stop trading on the Nasdaq and Chicago Stock Exchange once the transaction is complete.

Ascena shares closed at $19.63 per share on Tuesday. They are down 13 percent from their 52-week high of $22.62 in late March. They traded as low as $12 per share in late September 2011.

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