J. Crew potential settlement could extend bidding period
New York City -- A Tuesday report by Bloomberg said that J. Crew Group is close to settling a shareholder lawsuit over its proposed $3 billion takeover by private-equity firms TPG Capital and Leonard Green & Partners LP.
Citing two unnamed sources, the report said that as part of the settlement, J. Crew would extend the period to solicit competing offers until Feb. 15 and add provisions that make it easier to accept a rival bid.
An agreement, which would also include a $10 million payment to plaintiffs, may be announced Tuesday, according to the report.
J. Crew didn’t get any bids to better TPG and Leonard Green’s offer for the retailer by the original Jan. 15 deadline. Sears Holdings and Urban Outfitters had studied possible offers, according to reports.