Christopher & Banks rejects $64 million buyout

  • Article by: JANET MOORE , Star Tribune
  • Updated: July 11, 2012 - 4:12 PM

Christopher & Banks spurned the unsolicited offer from a hedge fund because the retailer said its turnaround strategy is working.

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joe_mnJul. 6, 1210:59 AM

What are they worth? 600+ stores, leases? On hand product, exclusive rights to some designer brands? Name recognition? Is that worth $60M? Are hedge funds evil? Buy low, sell high?

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bjames3Jul. 6, 1211:31 AM

Apparently the BOD is not quite through driving the firm fully under the headstone. If I was a shareholder I'd be livid at C&B for turning this deal down. 50% premium over what the market is pricing them at. They have had 4 CEO's and 2 CFO's in 4 years. If you think it's working it's not. This company is destroying more wealth than Greece.

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nogophersJul. 6, 12 2:44 PM

The Board of Directors are not acting in the shareholders best interest. Breach of fiduciary responsibility? They sure have a lot of explaining to do before the shareholder lawsuits begin piling up.

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