Ann Inc.
ANN INC. (ANN) SHAREHOLDER ALERT - Andrews & Springer LLC Is Seeking More Cash for Shareholders of Ann Inc.
(Wilmington, DE) Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Ann Inc. (NYSE: ANN) (“Ann” or the “Company”) relating to the sale of the Company to Ascena Retail Group, Inc. (“Ascena”). On May 18, 2015, the two companies announced the signing of a definitive merger agreement pursuant to which Ascena will acquire Ann in a merger worth $2.1 billion. As a result of the merger, Ann shareholders are only anticipated to receive $37.34 per share in cash and 0.68 shares of Ascena stock in exchange for each share of Ann. The total consideration Ann shareholders anticipate receiving is roughly $47.00 per share.
Andrews & Springer’s investigation focuses on the insufficient consideration that Ann shareholders are expected to receive. Following the merger, Ann shareholders are expected to be substantially diluted, owning only 16% of the combined company. Additionally, the 0.68 fixed exchange ratio restricts the value that Ann shareholders are expected to receive by exposing Ann shareholders to the volatility of Ascena’s share price. Tellingly, Ascena’s stock price dropped yesterday to $14.07 per share upon the announcement of the merger. In 2015, Ascena has traded as high as $15.36 per share on April 24, 2015 and as low as $10.52 on January 20, 2015.
If you own shares of Ann and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/ANN or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.