Online fashion retailer Redcats USA has secured around 12,048,000 shares of United Retail Group, giving it an 83.9% stake in the company.

The move comes after Redcats tabled a $198.9m offer for the plus-sized women's apparel chain in September - and will make United Retail a majority owned subsidiary, it said.

In addition, Redcats today (24 October) began a subsequent offer of $13.70 per share for any outstanding shares in United Retail. Stockholders have until 5pm on 31 October to take up the deal.

Redcats, a subsidiary of French luxury goods group PPR, expects to complete the merger shortly after the expiration of the subsequent offering period.