Ascena to buy Charming Shoppes for $890 mln

Wed May 2, 2012 6:11am EDT

May 2 (Reuters) - Women's clothing retailer Ascena Retail Group Inc agreed to buy rival Charming Shoppes Inc for about $890 million in cash.

Ascena will pay $7.35 for every Charming Shoppes share - a 24.5 percent premium to the stock's Tuesday close.