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Ascena Agrees to Buy Ann Taylor Owner for $2.16 Billion

Bloomberg business news

Why Ann Taylor Was Ripe for the Picking

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Ascena Retail Group Inc. agreed to buy Ann Inc. for about $2.16 billion, unifying the Ann Taylor and Lane Bryant brands in a bid to attract more working women.

Ann investors will receive $37.34 in cash and 0.68 of an Ascena share for every Ann share they hold, the companies said in a statement Monday. The $47-a-share offer represents a 21 percent premium to Ann’s closing price Friday.