Engine Capital and Red Alder Issue Presentation on ANN
Presentation Supports Their Strong Recommendation that ANN Immediately Conduct a Strategic Alternatives Review, Including a Robust Sale Process, to Maximize Shareholder Value
Reiterates ANN Should be Worth Between $50 and $55 per Share to a Financial Acquirer and Presents New Analysis Showing a Strategic Acquirer Could Pay $60 to $65 per Share
Engine Capital and Red Alder Believe Status Quo is Untenable and that Other Key Shareholders Have Voiced Similar Concerns to ANN
Urge ANN to Announce Publicly that it's Reviewing All Strategic Alternatives, Including Actively Soliciting Bids from Financial Sponsors and Strategic Buyers
NEW YORK, Sept. 15, 2014 /PRNewswire/ -- Engine Capital LP (together with its affiliates, "Engine Capital"), and Red Alder LLC ("Red Alder"), who collectively own in excess of 1% of the outstanding shares of ANN, INC. ("ANN" or the "Company"), today issued a comprehensive presentation on the Company.
The full presentation can be found at www.ChangeAtANN.com
About Engine Capital LP
Engine Capital is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.
About Red Alder LLC
Red Alder LLC is an SEC-registered investment adviser based in New York City that focuses on event-driven, value-oriented investment opportunities.
Investor contacts:
Engine Capital LP
Arnaud Ajdler
(212) 321-0048
[email protected]
Red Alder LLC
Schuster Tanger
(212) 257-4288
[email protected]
SOURCE Engine Capital LP; Red Alder LLC
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