Nov 23, 2010
US retailer J.Crew sold for three billion dollars
Nov 23, 2010
NEW YORK, Nov 23, 2010 (AFP) - US fashion retailer J.Crew on Tuesday announced it will be acquired for some three billion dollars by two investment firms.
Investors TPG Capital and Leonard Green & Partners agreed to buy J.Crew at a value of 43.50 dollars per share, representing a 29 percent premium from the retailer's average closing share price over the last month, it said in a statement.
The acquisition "is a clear endorsement of J.Crew and of the hard work and commitment of each and every one of our associates," said chief executive Millard Drexler.
J.Crew, whose clothes famously decked the daughters of President Barack Obama in his 2009 inauguration, is expected to report its third-quarter results after the market close Tuesday.
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