Catherines Stores Corporation Agrees to be Acquired by Charming Shoppes, Incorporated.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--Nov. 15, 1999-- Catherines Stores Corporation ("Catherines") (Nasdaq:CATH CATH Catholic CATH Cathedral CATH Cathode CATH Autonomous Haitian Workers (Haiti) CATH Center for Applied Technologies in the Humanities (Virginia Tech) ) announced today that its Board of Directors has approved a definitive merger agreement with Charming Shoppes Charming Shoppes (NASDAQ: CHRS) is a specialty and plus size clothing retail holding company based in Bensalem, PA. Its subsidiaries include Lane Bryant, Fashion Bug, and Catherines. Clothes are sold from over 2000 retail stores in the U.S. , Incorporated ("Charming") (Nasdaq:CHRS CHRS Canadian Heritage Rivers System CHRS Centre d'Hébergement et de Réadaptation Sociale CHRS Center for Hydrometeorology and Remote Sensing CHRS Criminal History Record Search CHRS Charterers (shipping) ) whereby Charming will acquire all of the common stock of Catherines pursuant to a tender offer and merger. Charming has agreed to submit a tender offer to Catherines' shareholders by November 19, 1999 to purchase their stock for $21 per common share in cash. J.C. Bradford & Co., Catherines' financial advisor, has delivered its opinion to Catherines' Board of Directors that the offer is fair to Catherines' shareholders from a financial point of view. Under the Agreement, Catherines may furnish information and hold discussions with third parties in appropriate circumstances. If the acquisition is not consummated, under certain conditions, Catherines has agreed to pay Charming a fee of $5.5 million. Catherines Stores Corporation is a Memphis based specialty retailer selling large-size women's apparel in 436 stores in 40 states operating under the names Catherine's, Plus Sizes, Added Dimensions and The Answer. This statement contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are based on current expectations that are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contemplated by the forward-looking statements. Catherines does not undertake to publicly update or revise the forward-looking statements even if experience or future changes make it clear that the projected results expressed or implied therein will not be realized. |
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