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Stock Market & Financial Investment News

News Breaks
August 25, 2014
13:10 EDTANNAnn Inc. rises after investors call on board to consider sale
Shares of women's apparel retailer Ann Inc. (ANN) are climbing after investors in the company urged it to consider selling itself. WHAT'S NEW: Two investors in Ann Inc.'s stock - Engine Capital and Red Alder - disclosed this morning that they had sent the company's independent board members a letter in which they called on the company to consider selling itself. Engine Capital is a value oriented, special situations fund, while Red Alder is an investment adviser. The two entities, who made the statements in a press release, said that they own a combined stake of more than 1% in Ann. The retailer is "deeply undervalued" and the board can take action that would significantly increase shareholder value, the investors wrote. After speaking with members of Ann's management team, the two entities said they had hoped that the company would start exploring strategic alternatives, including a sale of the company. However, since the company did not announce that it was beginning such a process, the investors decided to go public with their request, they stated. After conducting extensive due diligence, including studying the valuations at which privately-held retailers have been sold, Engine Capital and Red Alder estimate that Ann Inc could be sold for $50-$55 per share. Moreover, the entities said that several factors, including their decision to go public with their position and the purchase of a 9.5% stake in Ann earlier this year by private equity firm Golden Gate Capital, make "the status quo untenable." They urged Ann Inc. to immediately retain a nationally recognized investment bank and establish a special committee of independent directors to explore strategic alternatives, including a sale. WHAT'S NOTABLE: Ann Inc. shares slid over 3% on Friday after the company reported its Q2 results that morning and said that it experienced softer traffic levels along with sales and margin pressure in the second half of the quarter. PRICE ACTION: In early afternoon trading, Ann gained 4.3% to $39.14.
News For ANN From The Last 14 Days
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August 21, 2015
10:46 EDTANNAscena Retail completes acquisition of Ann Inc.
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August 19, 2015
17:42 EDTANNS&P announces changes to the S&P 400, 600 indices
S&P SmallCap 600 constituent Sovran Self Storage (SSS) will replace Ann Inc. (ANN) in the S&P MidCap 400, and ePlus (PLUS) will replace Sovran Self Storage in the S&P SmallCap 600 after the close of trading on Friday, August 21. S&P MidCap 400 constituent Ascena Retail Group (ASNA) is acquiring Ann in a deal expected to be completed on or about that date.
17:20 EDTANNSovran Self Storage to replace Ann Inc. in S&P 400 as of 8/21 close
August 18, 2015
09:34 EDTANNAnn Inc. to host special shareholder meeting
Special Shareholder Meeting to vote on the acquisition of Ann by Ascena Retail Group whereby Ann will become a wholly-owned subsidiary of Ascena will be held in New York on August 19 at 8 am.

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