ANN INC. (ANN) SHAREHOLDER ALERT - Andrews & Springer LLC Is Seeking More Cash for Shareholders of Ann Inc.
May 19 2015 - 8:01AM
Business Wire
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.
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Andrews & Springer LLCCraig J. Springer, Esq.,
1-800-423-6013cspringer@andrewsspringer.com