Engine Capital, Red Alder Urge Ann To Explore Strategic Review, Including Sale

(RTTNews) - Hedge funds Engine Capital LP and Red Alder LLC, who collectively own over 1 percent of the outstanding shares of retailer Ann, Inc. (ANN) Monday issued a comprehensive presentation on the company, supporting their strong recommendation that Ann immediately conduct a strategic alternatives review, including a robust sale process, to maximize shareholder value.

They reiterated that Ann should be worth between $50 and $55 per share to a financial acquirer and said a strategic acquirer could pay $60 to $65 per share.

They urged Ann to announce publicly that it's reviewing all strategic alternatives, including actively soliciting bids from financial sponsors and strategic buyers.