An Ann Taylor store on Madison Avenue.Credit Julie Glassberg/The New York Times Related Links Updated, 7:52 a.m. |
Ann Inc., the parent company of Ann Taylor stores, is being pressed to explore options including a sale by the activist investor Engine Capital and the hedge fund Red Alder.
In a letter made public on Monday morning, Engine Capital said it believed that the company could be worth $50 to $55 a share to an acquirer, or a 33 to 46.5 percent premium to its current stock price. The retailer operates more than 1,000 stores under the Ann Taylor and Loft brands, including outlet stores.
"Ann is an incredibly suitable candidate for a private equity acquirer because of its consistent performance over the years, ability to further improve margins, significant and growing free cash flow generation," the firms wrote in the letter. "A large international retailer could take Ann's iconic brands and significantly expand their presence internationally at a faster pace."
Engine Capital and Red Alder revealed that they had held private discussions with Ann's management over the last couple of weeks, but they had been disappointed with the lack of progress. The two firms said they owned more than 1 percent of Ann Inc. stock.
"We think the status quo is untenable," the letter said. "Therefore, we urge the board to retain immediately a nationally recognized investment bank and establish a special committee of independent directors to explore strategic alternatives to maximize shareholder value, including a sale of the company."
The private equity fund Golden Gate Capital took a 9.5 percent stake in Ann Inc. this year, saying it wanted to work with management on the future of the retailer and did not plan to seek changes to the retailer's board or executive team, or to push for a sale.
source : http://rss.nytimes.com/c/34625/f/640316/s/3dd44a98/sc/30/l/0Ldealbook0Bnytimes0N0C20A140C0A80C250Cparent0Eof0Eann0Etaylor0Estores0Eurged0Eto0Epursue0Ea0Esale0C0Dpartner0Frss0Gemc0Frss/story01.htm
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