J. Crew shareholders approved their $3 billion buyout deal at a special meeting today, concluding months of legal debate over whether the sale should take place. Shareholders initially sued the company when CEO Mickey Drexler announced the buyout in November without first consulting his board, and although a $10 million settlement was reached in January, investor advisory firm Institutional Shareholder Services Inc. warned shareholders last month that they should still vote against the deal to avoid getting screwed over. The hard-won company’s new owners, private equity firms TPG Capital and Leonard Green & Partners, paid $43.50 per share.
J. Crew Shareholders Approve Buyout [WSJ]
Related: J.Crew Shareholders Advised to Vote Against the $3 Billion Buyout