J.Crew Group, Inc. Announces Expiration of 'Go Shop' Period
February 16, 2011 5:12 PM
J.Crew Group, Inc. (NYSE: JCG) today announced the expiration of the 85 day "go shop" period pursuant to the terms of the previously announced merger agreement dated as of November 23, 2010, as amended on January 18, 2011, between the Company and affiliates of TPG Capital, L.P. and Leonard Green & Partners, L.P.
During the "go shop" process, the Company was permitted, on the terms and subject to the conditions of the merger agreement, as amended, to initiate, solicit and encourage inquiries from and engage in discussions with third parties relating to alternative acquisition proposals for a period of 85 calendar days continuing through February 15, 2011.
The Company engaged in an active and extensive solicitation of 59 potentially interested parties in connection with the "go shop" period, which resulted in four parties negotiating and entering into confidentiality agreements with the Company, including one party who first expressed an interest after the initial "go shop" period that was due to expire on January 15, 2011 was extended through February 15, 2011. Despite its solicitation efforts, the Company did not receive any alternative acquisition proposals during the 85-day "go shop" period.
