Mergers & Acquisitions

Ascena Retail Group is buying Charming Shoppes, owner of Lane Bryant, for about $890 million, giving it access to the plus-size women’s clothing market. Charming Shoppes also runs Fashion Bug, Catherines Plus Sizes and the direct marketing business Figi’s. Ascena, owner of the dressbarn, maurices and Justice brands, will pay $7.35 for each Charming share. That's a 25 percent premium to Charming’s closing price of $5.90 Tuesday. Ascena’s cash tender offer should roll out within 10 business days.

Bonobos, a brand that sells men’s clothing online, has raised $16.4 million led by retail giant Nordstrom, with Accel Partners and Lightspeed Venture Partners participating. In addition to the funding, Nordstrom will now sell Bonobos clothing at a number of its stores and on Nordstrom.com. The deal with Nordstrom will be the first time the brand is available in-store and online outside Bonobos.com and the company’s New York City headquarters’ showroom store.

Bedding retailer Mattress Firm announced it's agreed to buy all the remaining equity interests of Mattress Giant in a deal valued at approximately $47 million. Mattress Firm, which bought 55 Mattress Giant stores last year, said the latest deal involves about 180 stores in Florida and Texas, its two largest markets. It will give the retailer more than 900 stores. With the newly acquired stores and about 100 new stores expected to open, Mattress Firm projects it will end its current fiscal year on Jan. 29, 2013, with more than 1,000 stores and revenues of just over $1 billion. 

An affiliate of Phoenix-based private equity investor Najafi Cos. has acquired the well-known SkyMall in-flight catalog and e-commerce business for an undisclosed sum. Although the privately held SkyMall doesn't disclose revenue, annual sales are thought to exceed $100 million. Through its Direct Brands unit, Najafi already sells books, music and other products to members of the various direct marketing clubs it operates in the United States, Canada and Europe. With SkyMall, Najafi sees an opportunity to offer new products to its book- and music-club members and books, music and videos to SkyMall catalog readers.

Callaway Golf Company announced the sale of the Top-Flite brand to Dick's Sporting Goods. The announcement was made by Chip Brewer, president and CEO of Callaway Golf. "The decision to sell Top-Flite reflects the company's renewed focus and commitment to driving the proficiency of our core businesses, specifically the success of Callaway and Odyssey products," said Brewer. "Our strong working relationship with Dick's Sporting Goods went a long way towards the completion of this agreement and we look forward to their stewardship of the Top-Flite brand."

Dick's Sporting Goods announced today that it's agreed to make a 20 million pounds strategic investment in JJB Sports, a leading U.K. sports retailer. Under the terms of the agreement, Dick's Sporting Goods will purchase 18.75 million pounds in junior secured convertible notes and 1.25 million pounds in ordinary shares of JJB Sports, subject to the approval of JJB's shareholders. In conjunction with its investment in JJB Sports, Dick's will be entitled to nominate up to two nonexecutive directors to serve on the JJB Sports' board. Dick's will also be entitled to board observer rights under certain circumstances.

HSN announced that it's acquired Chasing Fireflies, a direct-to-consumer premium children's and family lifestyle brand, through HSNI's operating segment, Cornerstone Brands. The acquisition allows HSNI to participate in a fast-growing business with unique and proprietary products, customer loyalty, and high digital penetration. Terms of the transaction weren't disclosed.

Fossil announced that it's completed, effective April 2, the previously announced acquisition of Skagen Designs and certain of its international affiliates for $231.7 million in cash, which includes a working capital adjustment of approximately $6.7 million, and 150,000 shares of Fossil, Inc. common stock. In addition, the sellers may receive up to 100,000 additional shares of Fossil common stock if Fossil's net sales of Skagen-branded products exceed certain thresholds. Skagen Designs manufactures, markets and distributes watches, jewelry, sunglasses and clocks. 

Struggling beauty products seller Avon Products on Monday rejected a buyout offer worth about $10 billion from fragrance maker Coty Inc. Coty went public with the bid for Avon on Monday. It said the offer was an increase from a previous bid of $22.25 per share. The new offer is a 20 percent premium to Avon's Friday closing price of $19.36. But Avon said Monday that the offer is basically the same as Coty's previous one. Avon said its board still believes Coty's offer is not in the best interest of shareholders and that it undervalues the New York company.

Hallmark Cards announced the acquisition of SpiritClips, a broadband subscription-based online video service and film production company that offers heartwarming short films, family-friendly movies and documentaries. Based in Los Angeles, this small startup business was founded in 2007 by Rob Fried, an Academy-award winning producer and studio executive, whose many films include "Rudy" and "Hoosiers." Fried will continue in his current capacity as SpiritClips CEO, and the firm will remain in California.