J. Crew shareholders have approved a controversial $3 billion buyout deal taking the company private.
Under the terms of the merger agreement, TPG Capital and Leonard Green & Partners will acquire all of the outstanding shares of common stock of J. Crew for $43.50 per share in cash. The transaction is expected to close on or around March 7, 2011.
J. Crew primarily sells clothing and accessories. The Company operates 249 retail stores, the J. Crew catalog business, jcrew.com, madewell.com and 85 factory outlet stores.
Institutional Shareholder Services Inc. and Glass Lewis & Co. this month said J. Crew investors shouldn’t support the buyout because the secrecy that shrouded the bidding could have diluted the price.
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