J.Crew Group, Inc. announced that at a special meeting of stockholders held earlier, stockholders voted to adopt the previously announced merger agreement with Chinos Holdings, Inc. and Chinos Acquisition Corporation, affiliates of TPG Capital, L.P. and Leonard Green & Partners, L.P.
Under the terms of the merger agreement, TPG Capital and Leonard Green & Partners will acquire all of the outstanding shares of common stock of J.Crew for $43.50 per share in cash. The transaction is expected to close on or around March 7, 2011.
The merger was approved by holders of 41,058,215 shares of the Company's outstanding common stock, and by holders of approximately 36,385,251 of the shares not owned by J.Crew officers or directors or their affiliates. At the meeting, 13,264,750 shares voted against the merger.
J.Crew Group, Inc. is a nationally recognized multi-channel retailer of women's, men's and children's apparel, shoes and accessories.
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