Charlotte Russe to go private in $380 million deal

(Reuters) - Women's-apparel retailer Charlotte Russe Holdings Inc (CHIC.O) said it has agreed to be acquired by private equity firm Advent International Corp for about $380 million in cash.

Charlotte Russe Fall 2009 - Photo:

Advent International will pay $17.50 per Charlotte share in a tender offer, representing a premium of 27 percent to the stock's Friday 21 August's close.

Shares of Charlotte Russe have nearly tripled since the company announced in January that it was exploring strategic alternatives.

The tender offer is expected to start on or before Aug 31, and expire after 20 business days, Charlotte Russe said in a statement.

Cowen & Company is acting as financial advisor to Charlotte Russe, while Moelis & Co is advising Advent International.

(Reporting by Mihir Dalal in Bangalore; Editing by Unnikrishnan Nair)

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