Redcats Group will acquire United Retail Group Inc., a retailer of large-size women’s apparel. The value of the cash-for-stock acquisition is $198.9 million. The per-share purchase price represents a 23% premium over the average share price during the 90 days leading up to Sept. 7, and an 82% premium over the Sept.10 closing price.
United Retail Group will become part of Redcats USA Inc., a subsidiary of Redcats Group. Redcats Group is a home shopping marketer of household and apparel items.
Raphael Benaroya, United Retail Group’s chairman, president and CEO, and George R. Remeta, the company’s vice chairman and chief administrative officer, will remain with the Company for a transition period of at least one year.
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