June 1, 2015 (Shareholders Foundation) - An investor, who currently holds shares of Ann Inc (NYSE:ANN), filed a lawsuit in effort to stop the proposed takeover of Ann Inc by ascena retail group for a value of $47.00 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:ANN stockholders by agreeing to sell Ann Inc too cheaply via an unfair process to ascena retail group, inc.

On May 18, 2015, ascena retail group, inc. (NASDAQ: ASNA) and Ann Inc (NYSE:ANN) announced that they have entered into a merger agreement under which ascena will acquire Ann Inc (NYSE:ANN) for a combination of cash and stock in an accretive transaction.
Upon closing, Ann Inc (NYSE:ANN) stockholders will receive $37.34 in cash and 0.68 of a share of ascena common stock in exchange for each share of Ann Inc (NYSE:ANN) common stock. Based upon the closing price of ascena stock on May 15, 2015, this implies a price per NYSE:ANN share of $47.00.

However, the plaintiff claims that the proposed consideration NYSE:ANN shareholders will receive is grossly inadequate and undervalues Ann Inc. Indeed, at least one analyst has set the high target price for NYSE:ANN shares at $48.00 per share. Furthermore, Ann Inc reported that its Total Revenue rose from over $2.21 billion for the 52 weeks period that ended on January 28, 2012 to over $2.53 billion for the 52 weeks period that ended on January 31, 2015. In addition, the plaintiff claims that the process is also unfair to NYSE:ANN stockholders