Redcats USA has completed its all cash tender offer for United Retail Group, with 86% of the company's shares tendered so far and Redcats expecting to acquire the remaining shares shortly.

After the tender offer expired at 5pm, New York City time yesterday (31 October), a total of approximately 12,517,000 shares of United Retail common stock were tendered, at a price of $13.70 per share in cash.

Redcats USA, a wholly owned subsidiary of the PPR-owned Redcats Group, has also exercised the option to purchase additional shares at the same price so that it owns more than 90% of the large-size women's fashion firm.

Redcats said it expects that, shortly after the acquisition of such shares, it will complete the merger, meaning that United Retail will become a wholly owned subsidiary of Redcats USA.

The offer was first announced in September, when Redcats offered US$198.9m for United Retail, in a bid to give the company its first national retail store base in the US and shore up its position in the growing women's plus size apparel market.

United Retail currently operates 483 Avenue stores, with 2,132,000 square feet of selling space.