Ann Taylor, Loft sold for about $2.16B

NEW YORK - The Ascena Retail Group is buying the owner of Ann Taylor and Loft stores in a cash-and-stock deal valued at about $2.16 billion.

Ascena's brands include Lane Bryant, Dress Barn and Cacique.

Ann Inc. (ANN) shareholders will receive $37.34 in cash and 0.68 of a share of Ascena Retail Group Inc. stock in exchange for each of their shares. The companies put the total price at $47 per share.

The deal is targeted to close later this year.

Ann's stock jumped more than 19 percent Monday in premarket trading.