J.Crew Stockholders Approve Acquisition by TPG Capital and Leonard Green & Partners
March 01 2011 - 10:46AM
Business Wire
J.Crew Group, Inc. (NYSE: JCG) announced that at a special
meeting of stockholders held earlier today, stockholders voted to
adopt the previously announced merger agreement with Chinos
Holdings, Inc. and Chinos Acquisition Corporation, affiliates of
TPG Capital, L.P. and Leonard Green & Partners, L.P. 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.
The merger was approved by holders of 41,058,215 shares of the
Company’s outstanding common stock, and by holders of approximately
36,385,251 of the shares not owned by J.Crew officers or directors
or their affiliates. At the meeting, 13,264,750 shares voted
against the merger.
About J.Crew Group, Inc.
J.Crew Group, Inc. is a nationally recognized multi-channel
retailer of women's, men's and children's apparel, shoes and
accessories. As of March 1, 2011, the Company operates 249 retail
stores (including 219 J. Crew retail stores, 10 crewcuts and 20
Madewell stores), the J. Crew catalog business, jcrew.com,
madewell.com and 85 factory outlet stores. Additionally, certain
product, press release and SEC filing information concerning the
Company are available at the Company's website
http://www.jcrew.com/.
Forward-Looking Statements:
Certain statements herein are "forward-looking statements". Such
forward-looking statements reflect the Company's current
expectations or beliefs concerning future events and actual results
of operations may differ materially from historical results or
current expectations. Any such forward-looking statements are
subject to various risks and uncertainties, including the strength
of the economy, changes in the overall level of consumer spending
or preferences in apparel, our ability to compete with other
retailers, the parties' ability to consummate the proposed
transaction on the contemplated timeline, the performance of the
Company's products within the prevailing retail environment, our
strategy and expansion plans, systems upgrades, reliance on key
personnel, trade restrictions, political or financial instability
in countries where the Company's goods are manufactured, postal
rate increases, paper and printing costs, availability of suitable
store locations at appropriate terms and other factors which are
set forth in the Company's Form 10-K and in all filings with the
SEC made by the Company subsequent to the filing of the Form 10-K.
The Company does not undertake to publicly update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise.
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