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Dress Barn Inc and Tween Brands Inc 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 expected to own approximately 16% of Dress Barn Inc’s diluted outstanding... [read full story]
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