Back in November, J.Crew announced plans to go private with a $2.8 billion sale to private equity firms TPG Group and Leonard Green & Partners LP. The company was then promptly sued by shareholders, who protested that J.Crew CEO Millard Drexler hadn’t shopped the company around enough, thus failing to secure them a good price for their stocks. To appease them, Drexler put J.Crew up for a “go-shop” period that would allow other potential buyers to make bids. Sears and Urban Outfitters reportedly showed interest, but failed to make offers by the January 15 bidding deadline. The retailers did, however, get to look through lots of J.Crew’s private financial information, which was perhaps the whole point of their “interest” in the company anyway.
J. Crew Extends Deadline for Rival Bids [WWD]