A lawsuit was filed by an investor in shares of Ann Inc (NYSE:ANN) in effort to stop the proposed takeover and NYSE:ANN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/15/2015 -- An investor, who currently holds shares of Ann Inc (NYSE:ANN), filed a lawsuit in effort to stop the proposed takeover of Ann Inc by ascena retail group for a value of $47.00 per share.
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.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:ANN stockholders by agreeing to sell Ann Inc too cheaply via an unfair process to ascena retail group, inc.
May 18, 2015, ascena retail group, inc. 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, the plaintiff claims that the proposed consideration NYSE:ANN shareholders will receive is grossly inadequate and undervalues Ann Inc. Indeed, at least one analyst has set the high target price for NYSE:ANN shares at $48.00 per share. Furthermore, Ann Inc reported that its Total Revenue rose from over $2.21 billion for the 52 weeks period that ended on January 28, 2012 to over $2.53 billion for the 52 weeks period that ended on January 31, 2015. In addition, the plaintiff claims that the process is also unfair to NYSE:ANN stockholders
On June 11, 2015, NYSE:ANN shares closed at $47.57 per share.
Those who are current investors in Ann Inc (NYSE:ANN) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com