Charming Shoppes, Inc. (NASDAQ:CHRS): Ascena Retail Group (NASDAQ:ASNA) and Charming Shoppes (NASDAQ:CHRS) jointly announced that they have entered into a definitive agreement under which Ascena will acquire Charming Shoppes in a cash transaction valued at approximately $890M. Ascena has agreed to make a cash tender offer for all outstanding shares of Charming Shoppes common stock at a price of $7.35 per share. The tender offer is expected to commence within 10 business days. Subject to customary conditions and approvals, the transaction is expected to close during Q2. Transaction expected to be neutral or slightly accretive to Ascena’s earnings in the first full year of combined operations and increasingly accretive thereafter. Shares of Charming Shoppes, Inc. are trading 23.47% higher today.
P.F. Chang’s China Bistro (NASDAQ:PFCB): P.F. Chang’s is being acquired by Centerbridge Partners for $51.50 per share. Shares of P.F. Chang’s China Bistro are trading 0.08% lower today.
Tripadvisor Inc (NASDAQ:TRIP): Online travel research company TripAdvisor (TRIP) last night reported Q1 earnings of 38c, compared with analysts’ consensus estimate of 33c. The company’s revenue was also higher than expected. Shares of Tripadvisor Inc are trading 16.64% higher today.
IAC/InterActiveCorp (NASDAQ:IACI): Reports Q1 revenue $640.6M versus consensus $592.92M. Shares of IAC/InterActiveCorp are trading 5.27% higher today.
UBS AG (NYSE:UBS): A large number of UBS shareholders are preparing to confront the bank’s management by voting against its 2011 pay award, reports the Financial Times. The shareholders are expected to refuse to give management a “clean bill of health” because of the trading scandal and the bank’s admission that the incident revealed “shortcomings” in its risk management. Shares of UBS AG are trading 1.34% higher today.
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