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J Crew Shareholders Approve Buyout

The shareholders of U.S. casual-apparel retailer, J Crew Group, have approved its $3 billion buyout.

The shareholders of U.S. casual-apparel retailer, J Crew Group, have approved its $3 billion buyout, The Wall Street Journal reports. Private equity firms, TPG Capital and Leonard Green & Partners, will take over the New York-based company.

TPG and Leonard Green will buy all of J Crew’s outstanding common stock in a transaction that is likely to be completed by March 7. Holders of nearly 41.1 million shares voted in favor of the deal, while holders of close to 13.3 million shares voted against it.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.

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