Redcats USA tender offer for United Retail ends

By Lisa Kerner

Charlotte, N.C., Nov. 1 - Redcats Group subsidiary Redcats USA, Inc. completed its cash tender offer for United Retail Group, Inc. on Wednesday with some 12,517,000 shares, or 86%, of United Retail's common stock tendered.

As previously reported, Redcats Group agreed to acquire United Retail for $13.70 per share in the offer that began Sept. 25.

Redcats USA exercised its option under the merger agreement to purchase additional shares of common stock from United Retail at $13.70 per share, giving Redcats USA a 90% stake in United Retail, according to a company news release.

Redcats Group is a New York home shopping marketer of apparel and home products.

United Retail is a Rochelle Park, N.J., specialty retailer of large-size women's fashion apparel, footwear and accessories.

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