By  on August 24, 2009

Charlotte Russe Holding Inc. said Monday that it had reached an agreement to beacquired by private equity firm Advent International Corp.

An Adventaffiliate will acquire all of Charlotte Russe’s outstanding common stock in atender offer of $17.50 a share, or about $380 million. The price per share isa 26.9 percent premium on the stock’s close Friday of $13.79.

“After carefulconsideration of a full range of strategic alternatives, including an extensive,publicly announced sale process, we are pleased to have reached this agreementwith Advent, which creates substantial value for our stockholders,” saidJennifer Salopek, Charlotte Russe’s chairman.

The company had been shoppingitself to potential buyers since March. The tender offer will begin on orbefore Aug. 31, the company said.

For complete coverage, see Tuesday’s WWD.

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