Charlotte Russe Holding Inc. said Monday that it had reached an agreement to be acquired by private equity firm Advent International Corp.
An Advent affiliate will acquire all of Charlotte Russe’s outstanding common stock in a tender offer of $17.50 a share, or about $380 million. The price per share is a 26.9 percent premium on the stock’s close Friday of $13.79.
“After careful consideration of a full range of strategic alternatives, including an extensive, publicly announced sale process, we are pleased to have reached this agreement with Advent, which creates substantial value for our stockholders,” said Jennifer Salopek, Charlotte Russe’s chairman.
The company had been shopping itself to potential buyers since March. The tender offer will begin on or before Aug. 31, the company said.
For complete coverage, see Tuesday’s WWD.