Boston, MA 05/24/2013 (wallstreetpr) – The share prices of Rue21 Inc. (NASDAQ:RUE) surged by 22.98 percent to close at $41.96 per share for the end of the last trading session. This gain was observed to be an increase of $7.84 per share over the closing price of previous trading session. The shares of the company were trading in the close range of $41.67 to $42 per share during the day, thereby adjusting the 52 week high price of the company to new level of $42 per share.
Rue21 Inc. (NASDAQ:RUE) is a specialty apparel retailer with its presence in the United States through 713 stores in 46 states of the country. The retailer offers a range of apparels and accessories for boys and girls under brand names such as rue21, rue21 etc!, tarea by rue21 – all for girls and Carbon and CJ Black and Carbon Elements for guys.
The specialty apparel retailer had agreed to be acquired by the private equity firm for an aggregate value of $1.1 billion. The shareholders f Rue21 Inc. (NASDAQ:RUE) will now get $42 per share, which was observed to be 23 percent premium over the previous closing price of the shares in the market. Though there had been allegations that this going private of Rue21 Inc. (NASDAQ:RUE) would not be in the interests of shareholders of the retail firm, the decision had finally been made to agree with the deal.
The board of directors of Rue21 Inc. (NASDAQ:RUE) had approved the deal and the company now has 40 days to consider and analyze any other superior offers for acquisition.