(Bloomberg) -- Italian fashion chain OVS SpA, Italy’s largest children’s clothing retailer, agreed to buy ailing Swiss rival Charles Voegele Holding AG with two other investors for about 56 million francs ($57 million).
The offer price of 6.38 francs per share is 2.1 percent higher than Charles Voegele’s closing price on Sept. 16, the companies said in a statement on Monday. Charles Voegele’s board of directors is recommending to accept the offer made by Sempione Retail Ltd., an investor group composed of OVS, Aspen Trust Services Ltd., and Retails Investment SRL.
The Pfaeffikon, Switzerland-based company has been grappling with slower sales amid a strong franc and weak demand. Local newspapers had been reporting about numerous potential takeover talks, including German apparel chain Adler Modemaerkte. Charles Voegele has been unprofitable since 2010.
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