Proskauer Rose Aids Lane Bryant Buyer In $890M Deal

Law360, New York (May 2, 2012, 12:56 PM EDT) -- Suffern, N.Y.-based Ascena Retail Group Inc. plans to pay $890 million for a rival company that owns Lane Bryant and other brands as part of an effort to crack the multibillion-dollar plus-size apparel market, the companies said Wednesday.

Ascena and Charming Shoppes Inc. said they expected to close the sale some time during the second quarter, pending approval from shareholders and regulators.

The cash deal offers Charming Shoppes investors a $7.35 per-share payout, a 25 percent premium over Tuesday's closing price and an 89 percent premium...
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