Target: J. Crew Group Inc.
Buyers: TPG Group and Leonard Green & Partners LP
Offer: $2.86 billion
The apparel retailer “engaged in an active and extensive solicitation of 59 potentially interested parties,” which resulted in four parties who negotiated and entered into confidentiality agreements. These did not result in a proposal, however.
Sources previously told Reuters that Sears Holdings Corp, Urban Outfitters Inc. and at least two other private equity firms had been looking at J Crew’s books.
The “go shop” period to solicit competing offers originally expired on Jan. 15 but was extended until Feb. 15 amid pressure from shareholders.
In November, the upscale apparel retailer announced that
The announcement spurred a flood of shareholder lawsuits protesting the share price and asserting that J Crew Chief Executive Millard Drexler breached his fiduciary duties to investors. Drexler had been in discussions with the private equity firms for nearly seven weeks without informing the company’s board, raising questions about corporate governance.
Alexandria Sage is a San Franciso correspondent for Reuters; editing by Bernard Orr and David M. Toll