The deal includes both the Ann Taylor and LOFT retail brands. Ascena Retail Group also owns an operates the Lane Bryant plus-size women's brand and teen retailer Justice, among other holdings.
Stockholders of Ann Inc. will receive $37.34 in cash and 0.68 percent of an Ascena share for each share of Ann Inc.
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.
“This powerful transaction joins two strong and highly complementary organizations and management teams and dramatically reinforces our leadership position in women's specialty apparel retailing,” says David Jaffe, president and chief executive officer, Ascena. “We are excited to further leverage our uniquely capable operating platform
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