J.Crew Investors Approve Controversial $3B Buyout

Law360, New York (March 1, 2011, 2:47 PM EST) -- J.Crew Group Inc. shareholders voted Tuesday to return the popular clothing retailer to private ownership, approving a controversial $3 billion buyout by equity firms TPG Capital LP and Leonard Green & Partners LP.

According to the agreement, the equity firms will pay $43.50 per share for J.Crew's outstanding common stock — a 29 percent premium over J. Crew’s average closing share price for November, when the deal was announced.

More than 75 percent of J.Crew shareholders voted in favor of the deal, despite a recommendation against...
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