Ascena Retail Group (ASNA) agrees to acquire rival retailer Charming Shoppes (CHRS) for $890M,...

|About: Ascena Retail Group Inc (ASNA)|By:, SA News Editor

Ascena Retail Group (ASNA) agrees to acquire rival retailer Charming Shoppes (CHRS) for $890M, WSJ reports, hoping the parent company of Lane Bryant will increase ASNA's exposure to the growing market for large women's clothes. An offer of $7.35/share, a 24.6% premium to today's CHRS closing price, may be announced as soon as tomorrow. CHRS +22.7%, ASNA +6.4% AH.