J.Crew Group Inc. Announced $3 Billion With TPG Capital And Leonard Green & Partners

J. Crew Group, Inc. announced Tuesday it has signed a definitive agreement for acquisition by funds affiliated with TPG Capital and Leonard Green & Partners LP for about $ 3 billion.

Under the terms of the contract holders of all shares of J. Crew will receive $ 43.50 per share in cash. Represents a premium of 29 percent of J. Crew 's average price of shares last month.

"I am pleased to announce this agreement which offers great value for our shareholders," Drexler, J. Crew President and CEO, said. "Furthermore, it is a clear recognition of J. Crew and hard work and dedication everyone of our partners. "

Drexler, who will continue as chairman and chief executive officer and maintain a significant capital investment in J. Crew said he was excited about the new partnership.

A special committee of the Board J. The crew of four independent directors and advised by independent financial and legal advisors, negotiated the transaction and recommended to the full board.

The agreement was approved by the board, with the exception of James Coulter, a partner at TPG Capital and Drexler, who retired to vote.

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