Report: No rival bids for J. Crew
New York City -- J. Crew Group received no rival bid during a solicitation period and will stick with its nearly $3 billion buyout offer made by two private equity firms in November, according to Reuters. J. Crew agreed in November to be taken private by the two firms. It was able to solicit higher bids until Saturday.
The company will remain with the $43.50 per-share offer from TPG Capital, its former parent, and Leonard Green & Partners, the report said. Shareholders filed more than a dozen lawsuits questioning whether CEO Millard Drexler, who began negotiating with the buyout firms months before the deal became public, obtained a fair price from TPG and Los Angeles-based Leonard Green.
Recently, reports has circulated Sears Holdings Corp. and Urban Outfitters might make a bid.