Golden Gate Takes Activist Role in Ann; Shares Soar 15%
Shares of Ann (NYSE: ANN) have surged 15 percent higher to $42.81, after Golden Gate Capital revealed a 9.5 percent stake in the company in a 13-D filing Thursday afternoon.
In the filing, Golden Gate said the investment firm was in the “early stages of discussions” with Ann and “look forward to sharing their views.”
Golden Gate now owns 4.375 million of the 46.218 million shares outstanding.
Momentum from Thursday's post-market gain of 11.6 percent continued into Friday. Shares opened at $41.61 and climbed an additional 4.8 percent to $43.61.
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