Dress Barn, Inc. Announces Merger Agreement with Tween Brands, Inc.

SUFFERN, N.Y. - (Business Wire) Dress Barn, Inc. (NASDAQ - DBRN) and Tween Brands, Inc. (NYSE- TWB) today jointly announced that they have entered into a definitive agreement pursuant to which a subsidiary of Dress Barn, Inc. will merge with Tween Brands, Inc. in a stock-for-stock transaction. Under the terms of the merger agreement, each share of Tween Brands, Inc. common stock will be exchanged for 0.47 shares of Dress Barn, Inc. common stock. Based on Dress Barn Inc.’s stock price of $13.24 as of June 24, 2009, this consideration would be equivalent to $6.22 per Tween Brands, Inc. share, representing an aggregate equity value of approximately $157 million. This represents a premium of 20% over Tween Brands, Inc.’s closing stock price on June 24, 2009. Upon closing of the transaction, Tween Brands, Inc.’s stockholders are... [read full story]                    

powered by