Christopher & Banks Corp. (CBK: Quote), a specialty women's apparel retailer, acknowledged receipt of a letter today from Aria Partners indicating its interest in acquiring all outstanding stock of the Company for $1.75 per share.
Christopher & Banks said its Board of Directors will review and consider this unsolicited proposal, in consultation with its financial and legal advisors, and determine the course of action that it believes to be in the best interests of Christopher & Banks and its stockholders, and communicate any such conclusion to its stockholders.
Christopher & Banks said its stockholders are advised to take no action at this time pending the review of the proposal by its Board of Directors.
Earlier today, Aria Partners, which owns 4% of Christopher & Banks Corp shares, sent a letter to the company's board of directors urging it to consider Aria's offer to acquire the company for $1.75 a share.
Aria Partners said that on May 21, 2012, it made a proposal to acquire Christopher & Banks. Aria Partners said Christopher had immediately dismissed its offer as not in the best interests of Christopher shareholders. Aria Partners said Aria Partners made the determination without any effort to discuss its offer or plans to reinvigorate Christopher & Banks.
Aria Partners said it is willing to pay $1.75 per share for the company, a 50% premium to the current share price.
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by RTT Staff Writer
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