Private Equity Firms Win Proxy Bid For J. Crew

Mar 1 2011 | 12:28pm ET

Clothing retailer J. Crew Group will be acquired by a pair of private equity firms after the company’s shareholders approved the buyout.

The soon-to-be-formerly-public company’s owners accepted the $2.86 billion deal. More than three-quarters of shares voted did so in favor of TPG Capital and Leonard Green & Partners’ offer, despite the opposition of proxy advisory Institutional Shareholders Services.

J. Crew management have put on a full-court press in recent weeks to push the deal through. The company met with some of its largest shareholders, including hedge fund Paulson & Co., urging them to support the deal, despite allegations that J. Crew CEO Millard Drexler had acted improperly in his dealings with TPG.

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