Christopher & Banks rejects buyout offer, adopts poison pill

Women's clothing retailer Christopher & Banks Corp rejected a $64 million unsolicited takeover offer from private equity firm Aria Partners, and put in place a takeover defense. Photo: Steve MorganThe operator of the Christopher & Banks and CJ Banks chains also adopted a shareholders rights plan, or poison pill, setting the trigger at 15 percent. Aria's proposal does not reflect the long-term value stockholders are expected to get from the focus on the turnaround strategy, Christopher & Banks

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