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ascena Retail Group to acquire ANN INC. for $47/sh

By Religare

ascena retail group, inc. and ANN INC. announced that they have entered into a definitive merger agreement under which ascena will acquire ANN INC. for a combination of cash and stock in an accretive transaction.

Under the terms of the transaction, upon closing, ANN INC. stockholders will receive USD 37.34 in cash and 0.68 of a share of ascena common stock for each share of ANN INC. common stock, implying a price per share of USD 47 based on the closing price of ascena stock on May 15, 2015. The transaction gives ANN INC. an enterprise value of approximately USD 2 billion.


The transaction, which has been unanimously approved by the Boards of Directors of both companies, is expected to close in the second half of 2015, subject to customary closing conditions. The transaction does not require approval by ascena stockholders.

ascena intends to finance the acquisition through bank debt. Goldman, Sachs & Co. and Guggenheim Securities have arranged committed financing for the transaction.

Guggenheim Securities and Goldman, Sachs & Co. acted as financial advisors to ascena. Proskauer Rose LLP acted as legal counsel to ascena in connection with the transaction. J.P. Morgan Securities LLC acted as the exclusive financial advisor to ANN in connection with the strategic review process and the transaction. Wachtell, Lipton, Rosen & Katz acted as legal counsel to ANN INC. in connection with the strategic review process and the transaction.

Story first published: Tuesday, May 19, 2015, 23:00 [IST]
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