Reuters: Mergers News: UPDATE 1-Ascena to buy Charming Shoppes for $857.2 mln

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UPDATE 1-Ascena to buy Charming Shoppes for $857.2 mln May 2nd 2012, 10:36 Wed May 2, 2012 6:36am EDT May 2 (Reuters) - Women's clothing retailer Ascena Retail Group Inc will buy Charming Shoppes Inc for $857.2 million in an all-cash deal that will expand its plus-size clothing portfolio. Ascena will pay $7.35 for every Charming Shoppes share - a 24.5 percent premium to the stock's close on Tuesday. The total value of the deal was $890 million, the companies said in a statement on Wednesday. The deal is worth $857.2 million based on the number of Charming Shoppes shares on issue, according to Thomson Reuters data. Charming Shoppes, which owns the Lane Bryant, Catherines Plus Sizes and Fashion Bug chains, operates more than 1,800 retail stores across the United States. The company, which has been losing market share to rivals such as Ann Inc and Chico's FAS Inc, hired Barclays Capital in December to help it review its options. The transaction will be neutral or marginally add to Ascena's earnings in the first full year of combined operations, the companies said.

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