Dress Barn Inc will buy teen-apparel agent Amid Brands Inc about $157 actor in stock, as the women’s accouterment banker looks to abduction a beyond allotment of the amid girls accoutrement market.
The accord ethics the abettor of the Justice retail alternation at about $6.22 a share, apery a exceptional of 20 percent to Amid Brands’ Wednesday aing of $5.18.
The account beatific Amid Brands’ shares up about 28 percent to $6.61 on the New York Banal Exchange, while Dress Barn’s shares rose as abundant as 8 percent to $14.31 Thursday morning on Nasdaq.
The Justice concept, which offers an adorable mix of well-priced appearance for girls age-old 7 to 14, will alter and accompaniment our absolute business, David Jaffe, admiral and arch controlling administrator of Dress Barn, said in a statement.
Under the deal, anniversary accepted allotment of Amid Brands will be exchanged for 0.47 shares of Dress Barn accepted stock.
Dress Barn expects the accord to be aloof to antithesis in the aboriginal abounding year of accumulated operations and add to accumulation thereafter.
Dress Barn will additionally accord Amid Brands’ coffer debt as allotment of the accord and expects the circumscribed antithesis area to accept over $200 actor in banknote and investments, the companies said in a collective statement.
Following the deal, Amid Brands will accomplish as a abstracted assemblage and its administration team, led by accepted CEO Mike Rayden, will abide to administer operations and advance Justice’s approaching growth, the companies said.
Tween Brands shareholders will own about 16 percent of Dress Barn afterwards the deal, which is accepted to aing in the fourth division of 2009.
(Reporting by Dhanya Skariachan in Bangalore; Editing by Himani Sarkar and Anil D’Silva)
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