Charlotte Russe to repurchase shares by 'Dutch Auction'

21 Feb '08

3 min read

Under the modified "Dutch Auction" format, the Company will select the lowest price within the stated range that will allow it to buy 4 million shares of its common stock, assuming that a sufficient number of shares are tendered. If the number of shares tendered is greater than the number sought, purchases will be made on a pro rata basis from shareholders tendering at or below the purchase price.

The actual purchase price will be determined through an auction mechanism and will be the single lowest price within the offer range at which the Company can purchase up to 4 million shares of common stock. The offer is not conditioned on the receipt of outside financing or upon any minimum number of shares being tendered. The Company's Board of Directors and its executive officers do not intend to participate in the tender offer.

Cowen and Company, LLC will act as the dealer manager for the tender offer and the information agent will be MacKenzie Partners, Inc. The depositary will be Mellon Investor Services LLC. Neither the Company, its Board of Directors, the dealer manager, the information agent nor the depositary is making any recommendation to stockholders as to whether to participate in the tender offer.

Charlotte Russe Holding Inc

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