Ascena Retail Group Inc. and Charming Shoppes Inc. jointly announced that Ascena has successfully completed its tender offer fr the outstanding shares of common stock of Charming.
The depositary for the offer has advised Ascena that, as of the expiration of the offer at 12:00 midnight, New York City time, on Tuesday, June 12, 2012, a total of approximately 95,742,871 Charming shares were validly tendered in the offer and not withdrawn (including approximately 3,772,371 shares delivered through notices of guaranteed delivery), representing approximately 81.5% of the outstanding common stock of Charming. Shares tendered through notices of guaranteed delivery are required to be delivered to Ascena by Friday, June 15, 2012.
Ascena, through a designated wholly owned subsidiary, will accept for payment in accordance with the terms of the Offer all shares that were validly tendered and not withdrawn prior to expiration of the offer (including all Shares delivered through notices of guaranteed delivery), and payment for such shares will be made promptly, in accordance with the terms of the offer.
Ascena expects to effect a merger of its wholly owned subsidiary with and into Charming without a vote or meeting of Charming’s shareholders in the coming days.
In the merger, each outstanding Charming share not tendered and purchased in the offer, if any (other than those as to which holders properly exercise dissenters rights, if any) will be converted into the right to receive the same $7.35 per share price, without interest and less any required withholding taxes, that was paid in the tender offer.
As a result of the merger, Charming will become a wholly owned subsidiary of Ascena.
Ascena Retail Group Inc
Fashion | On 25th Jul 2017
Global fashion luxury brand Michael Kors Holdings Limited has reached ...
Apparel/Garments | On 25th Jul 2017
VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...
Fashion shows are also encouraging and highlighting sustainable fashion
‘Buying crowdsourced or creative designs are much more appealing to the...
Sanjay Desai & Ashish Mulani
Digital textile printing will be the technology of the future
Bombay Textile Research Association
Bombay Textile Research Association (BTRA) is a leading name in textile...
Swerea IVF AB
Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...
About one in every 20 patients picks up an infection while hospitalised....
Golfwear and menswear brand Devereux is set for greener pastures. Robert...
Somaiya Kala Vidya
Among the many honours showered on Frater, including Fulbright and Ford...
Occasions Elegance Wear
It is believed that by early 19th century, Varanasi weavers had moved away ...
Do you think the sustainability space has the needed tools and resources available for a business to lead change?Yes No Skip
Do you think adopting a sustainable approach will be a profitable move for your business?Yes No Skip
Do you want the world to know about your sustainability journey and your business’ environmental footprint?Yes No Skip
Thanks for your valuable feedback. Claim your free latest sustainability e-book.