Bernard Chaus agrees merger with Vince Camuto

US: Bernard Chaus agrees merger with Vince Camuto

By Petah Marian | 5 April 2012

Women's wear firm Bernard Chaus has reached a definitive merger deal with an affiliate of the Vince Camuto brand, which is manufactured by the the New York based firm.

Camuto will acquire the shares in Chaus which are not already owned by members of the Chaus family, for US$0.21 per share in cash.

Chaus said the prices represents an 88% premium over the average of the company's common stock for the last 10 trading days.

The company has also reached an agreement with shareholders who had been objecting to the price originally proposed for the transaction.

"We believe that our company will be strengthened and will be better positioned to serve our retail partners and consumers under private ownership," said chairwoman Josephine Chaus.

"We have forged a close working relationship with Vince Camuto as a licensee and look forward to that partnership growing even closer in the future."

Once the merger is approved by the company's shareholders, its shares will cease to be publicly traded.

Sectors: Apparel, Finance