Activist Urges Ann Taylor Parent To Consider $2.5B Sale

Law360, New York (August 25, 2014, 12:03 PM EDT) -- A little-known activist on Monday pressed Ann Taylor parent Ann Inc. to sell itself for up to $2.5 billion, adding to the string of retailers targeted by dissident investors as the sector tries to rebound after several slow-going years.

In a letter to Ann's top brass, Engine Capital LP said an Ann sale would bring in at least $50 to $55 per share, delivering a premium of more than 40 percent over the company's recent trading prices. Along with Red Alder LLC, the activist said it holds "in excess of 1 percent" of Ann's shares.

The sale pressure comes after Engine,...

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