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Tuesday, October 14, 2014

Retailer Ann signs confidentiality agreement with Golden Gate, (NYSE: ANN)

Women's apparel retailer Ann Inc said it had entered into a confidentiality agreement with private equity firm Golden Gate Capital, a month after some hedge funds pushed the company to sell itself.Ann's shares were up about 7.4 percent at $39.50 in after market trading.Ann said on Tuesday that it had engaged in "a collaborative, constructive dialogue" with Golden Gate.Golden Gate, which had a 9.56 percent stake in the retailer as of Oct. 14, said "it would be beneficial to continue discussions on a more detailed basis."

ANN INC., through its wholly owned subsidiaries, is a specialty retailer of women?s apparel, shoes and accessories sold primarily under the Ann Taylor and LOFT brands. Shares of ANN traded higher by 2.05% or $0.74/share to $36.79. In the past year, the shares have traded as low as $30.71 and as high as $43.61. On average, 774609 shares of ANN exchange hands on a given day and today's volume is recorded at 654478.