J. Crew (JCG) Holders Approve PE Takeover by TPG, Leonard Green
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Shareholders of J. Crew (NYSE: JCG) approved a takeover by TPG Capital and Leonard Green & Partners L.P this morning -- a deal which was initially proposed all the way back in November.
The deal, valued at $43.50 per share, or about $3 billion in total, will allow J. Crew's Chairman and CEO Millard Drexler to begin a turnaround-attempt as a private company.
Sources cited in a Bloomberg article suggest that J. Crew execs were forced to hold last-minute meetings in order to get buyout support from large investors.
J. Crew shares are trading 1% higher at around $43.55 this morning, just barely above the now-approved purchase price.
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The deal, valued at $43.50 per share, or about $3 billion in total, will allow J. Crew's Chairman and CEO Millard Drexler to begin a turnaround-attempt as a private company.
Sources cited in a Bloomberg article suggest that J. Crew execs were forced to hold last-minute meetings in order to get buyout support from large investors.
J. Crew shares are trading 1% higher at around $43.55 this morning, just barely above the now-approved purchase price.
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Leonard Green & Partners, J. Crew/TPG Capital and Leonard Green & Partners
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