Golden Gate Capital discloses 9.5 pct stake in apparel retailer Ann-Reuters

(Reuters) – Private equity firm Golden Gate Capital disclosed a 9.5 percent stake in women’s apparel retailer Ann Inc and said it believed the company’s stock was undervalued.

Shares of Ann, the owner of Ann Taylor and LOFT chains, rose 10 percent to $41 in extended trading.

Golden Gate said in a regulatory filing that it owned about 4.4 million shares of Ann as of Thursday, making it the company’s largest shareholder.