Reuters: Private Equity: UPDATE 1-Christopher & Banks to review $64 mln buyout offer

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Christopher & Banks to review $64 mln buyout offer Jul 3rd 2012, 21:34 Tue Jul 3, 2012 5:34pm EDT July 3 (Reuters) - Women's clothing retailer Christopher & Banks Corp said it received a takeover offer from private equity firm Aria Partners, valuing the company at about $64 million. Aria, which owns 4 percent of Christopher & Banks shares, offered $1.75 per share - a 51 percent premium to the stock's Monday close of $1.16. The retailer, which has hired Piper Jaffray as its financial adviser, said it will review the offer. Aria said in a statement earlier on Tuesday that it had made an initial proposal on May 21. Christopher & Banks, which sells affordable clothing mainly for women in their forties and above, will run out of money by the end of the year, Aria said in a letter to the company's board. Shares of Christopher & Banks closed up 20 percent at $1.39 on Tuesday on the New York Stock Exchange. The stock has lost about 30 percent of its value so far this year.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions