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NEW YORK – Clothing retailer J. Crew Group Inc. said Tuesday that it has settled a shareholder lawsuit challenging its proposed $3 billion takeover by private equity firms TPG Capital and Leonard Green & Partners LP.
As part of the settlement, J. Crew said in a statement that on Tuesday it extended until Feb. 15 the deadline for competing offers, and it will reduce the fee that it must pay a suitor for canceling a deal to $20 million in certain circumstances.
J. Crew originally had until Jan. 15 to solicit other offers. It said no other proposals have come in.
The company also agreed that it or its insurers would pay the plaintiffs $10 million after the buyout closes.
It set a special shareholder meeting for March 1 to vote on the deal.
TPG and Leonard Green offered $43.50 per share for the company in late November.
J.Crew's shares slipped 42 cents to $43.40 in late morning trading.
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