Ascena Retail to Buy ANN Inc. for $2.15B

Ascena Retail Group, which runs Dressbarn and Lane Bryant women's clothing stores, said it agreed to buy rival ANN Inc., owner of LOFT and Ann Taylor, for $2.15 billion. ANN Inc., which like Ascena targets women in the 20-to-40-year-old age group, has been hit hard by increasing competition from fast-fashion chains and a pullback in discretionary spending. Ascena said it would offer $47 per share – $37.34 in cash and 0.68 in stock – for each ANN share.