SAN DIEGO, June 02, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor, who currently holds shares of Ann Inc (NYSE:ANN), filed a lawsuit against the proposed acquisition of Ann Inc by ascena retail group for a value of $47.00 per share.
Investors, who purchased shares of Ann Inc (NYSE:ANN) prior to May 18, 2015, and currently hold any of those NYSE:ANN shares, have certain options and should contact the Shareholders Foundation, Inc. at email@example.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.
On 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. In addition, the plaintiff claims that the process is also unfair to NYSE:ANN stockholders.
Those who currently hold Ann Inc (NYSE:ANN) shares have certain options and should contact the Shareholders Foundation, Inc. at firstname.lastname@example.org or call +1 (858) 779 - 1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 email@example.com 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
Source:Shareholders Foundation, Inc.