Destination Maternity Seeing Further Downside After Initial Drop

(RTTNews) - After an initial decline, shares of Destination Maternity (DEST) have seen some further downside over the course of the trading day on Tuesday. Destination Maternity is currently down by 15.2 percent, falling to a nearly three-month intraday low.

The drop by Destination Maternity comes after the maternity apparel retailer announced an agreement to merge with French children's clothing company Orchestra Prémaman.

Under the terms of the agreement, Destination Maternity shareholders will receive 0.5150 of an Orchestra Prémaman share. The implied offer price is $7.05 per share.