Lundy Law is investigating potential claims against the Board of Directors of ANN INC. (“ANN” or the “Company”) (NYSE: ANN) for possible breaches of fiduciary duty and other violations of law in connection with the proposed sale of the Company to Ascena Retail Group Inc. (“Ascena”). Under the terms of the proposed transaction, 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 common stock they own. Based upon the closing price of Ascena stock on May 15, 2015, this implies a price per share of $47.00.
Among other things, the investigation concerns whether the proposed merger consideration adequately values the Company’s common stock, and whether the Board of Directors of ANN conducted a fair sales process to achieve the best possible value for the Company’s shareholders. The $47.00 merger consideration is below the target price of $48.00 per share set by one analyst on March 13, 2015.
If you own shares of ANN common stock and wish to discuss the legal ramifications of the investigation, or have any questions, contact Lundy Law who will, without obligation or cost to you, answer your questions. For more information you may contact David Promisloff, co-counsel to Lundy Law directly at 1-800-LundyLaw, or visit https://www.lundylaw.com/press-releases/ann/.
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