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J Crew working to keep sale from unraveling -report
February 28, 2011 / 5:43 PM / 7 years ago

J Crew working to keep sale from unraveling -report

* Retailer worried investors may nix $2.86 bln offer

* Suitors asked by J Crew directors to sweeten offer

* Shareholder vote slated for March 1

LOS ANGELES, Feb 28 (Reuters) - J Crew Group Inc JCG.N, concerned that investors could cast aside a $2.86 billion buyout offer, is lobbying its largest holders to accept it while also pressing its suitors to sweeten their offer, Bloomberg reported on Monday.

In November, the upscale apparel retailer announced that TPG Group and Leonard Green & Partners LP had agreed to buy the company for $43.50 a share, at a premium of about 15 percent.

Shareholders are slated to vote on the deal on March 1. (Reporting by Lisa Baertlein; editing by Gunna Dickson)

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