An investigation on behalf of investors of Ann Inc (NYSE:ANN) in connection with the proposed takeover was announced and NYSE:ANN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/26/2015 -- An investigation on behalf of investors, who currently hold shares of Ann Inc (NYSE:ANN), was announced concerning whether the takeover of Ann Inc by ascena retail group for a value of $47.00 per share is unfair to NYSE:ANN stockholders.
Investors who purchased shares of Ann Inc (NYSE:ANN) and currently hold any of those NYSE:ANN shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Ann Inc (NYSE:ANN breached their fiduciary duties owed to NYSE:ANN investors in connection with the proposed acquisition.
May 18, 2015, ascena retail group, inc. (NASDAQ: ASNA) and Ann Inc (NYSE:ANN) announced that they have entered into a merger agreement under which ascena will acquire Ann Inc (NYSE:ANN) for a combination of cash and stock in an accretive transaction. Upon closing, Ann Inc (NYSE:ANN) stockholders will receive $37.34 in cash and 0.68 of a share of ascena common stock in exchange for each share of Ann Inc (NYSE:ANN) common stock. Based upon the closing price of ascena stock on May 15, 2015, this implies a price per NYSE:ANN share of $47.00.
However, given that at least one analyst has set the high target price for NYSE:ANN shares at $48.00 per share, the investigation concerns whether the offer is unfair to NYSE:ANN stockholders. More specifically, the investigation concerns whether the Ann Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
On May 22, 2015, NYSE:ANN shares closed at $46.97 per share.
Those who are current investors in Ann Inc (NYSE:ANN) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego