Shares of Ann ANN were trading higher on Monday as news reports surfaced that investors including Engine Capital and Red Alder have engaged the company's management to explore strategic alternatives.
The group of investors believe that the women's apparel retailer could be valued at around $2.5 billion ($50 to $55 per share) should the company sell itself. Ann responded on Monday that it is open to communicating with shareholders and that it is committed to creating value.
On Tuesday, Ann demonstrated its willingness to cooperate with its investors. Reuters reported that Ann has hired bankers from JP Morgan to explore strategic alternatives, including a potential sale of itself.
Shares of Ann spiked higher by more than five percent following the report and were last trading at $42.21, up 5.68 percent on the day.
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