J.Crew Shareholders Approve $3 Billion Buyout
By Emily Gyben
03/02/11 at 11:10 AM
Photo: Getty Images
J.Crew has been bought out for $3 billion.
After several months of uncertainty, J.Crew shareholders approved a $3 billion buyout by TPG Capital and Leonard Green & Partners.
The shareholders initially sued the company in response to the November announcement of the plan to go private, but despite investor advisory firm Institutional Shareholder Services Inc.’s advice to vote against the deal, the shareholders have approved the buyout by a better than three-to-one margin, reports Women’s Wear Daily.
The deal is expected to close March 7. The buyout price per share, $43.50 (which is the initial cause of the shareholders’ issue with the deal—they saw this price as inadequate), has since risen to $43.53.
For the full story, visit WWD.com.
