Janney Capital Downgrades Ann Inc. (ANN) to Neutral on Takeout
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FBR Capital Upgrades Ascena Retail Group (ASNA) to Outperform
May 19, 2015 7:25 AM EDTFBR Capital upgraded Ascena Retail Group (NASDAQ: ASNA) from Market Perform to Outperform with a price target of $20.00 (from $12.00) following the acquisition of ANN.
Analyst Susan Anderson commented, "We upgrade shares of Ascena Retail Group (ASNA) to Outperform, from Market Perform, following its announcement it would acquire ANN and the negative stock reaction (~1%) yesterday, May 18, that provides an attractive entry point. We believe the... More
Piper Jaffray Downgrades Ann Inc. (ANN) to Neutral Amid Takeover
May 19, 2015 6:52 AM EDTPiper Jaffray downgraded Ann Inc. (NYSE: ANN) from Overweight to Neutral with a price target of $47.00 (from $46.00) after the company agreed to be acquired by ASNA for $47/share in cash and stock.
For an analyst ratings summary and ratings history... More
Ascena Retail Group (ASNA) to Acquire ANN (ANN) for $47/Share in Cash and Stock Deal
May 18, 2015 7:32 AM EDTascena retail group, inc. (NASDAQ: ASNA) and ANN INC. (NYSE: ANN) today 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.
Upon closing, ANN INC. stockholders will receive $37.34 in cash and 0.68 of a share of ascena common stock in exchange for each share of ANN common stock. Based upon the closing price of ascena stock on May 15, 2015, this implies a price per share of $47.00, a 21.4% premium over the... More
