J. Crew Group Inc. (JCG) has been meeting with big institutional
shareholders to try to persuade them to approve a proposed $3
billion buyout, fearing the deal might be rejected in a vote set
for Tuesday, Bloomberg News reported Monday, citing three people
familiar with the matter.
Private-equity firms TPG Capital and Leonard Green &
Partners LP, which are trying to acquire J. Crew, were advised by a
special committee of the clothing retailer's board to increase
their $43.50-a-share offer to draw support of wary shareholders,
two of Bloomberg's sources said.
TPG and Leonard Green had internal talks last week about
possibly raising their bid, but it wasn't clear whether they would
do so, according to the sources.
A spokeswoman for J. Crew declined to comment in an email to
Bloomberg.
Full story at
http://www.bloomberg.com/news/2011-02-28/j-crew-said-to-press-investors-over-buyout-weigh-higher-bid-to-win-votes.html
-Dow Jones Newswires; 212-416-2900