No new bidders for J. Crew
New York City -- J. Crew Group said Wednesday that it did not receive any alternative takeover bids during an 85-day "go shop" period, in which the company sought alternatives to an offer from its former owner.
J. Crew agreed in November to be taken private in a $3 billion deal with two investment firms, TPG Capital and Leonard Green & Partners. It originally had until Jan. 15 to vet other prospects, and that period was extended by a month.
J. Crew said it approached 59 potentially interested buyers, and that it entered into talks with four of them. One expressed interest after the waiting period was extended, the company said. However, none of the talks yielded any firm proposals.
Under the deal hammered out with the investment groups, J. Crew shareholders will receive $43.50 per share, 11 cents less than the retailer's closing price Wednesday.