Sept 24 Private-equity firms KKR & Co LP
and Sycamore Partners are aiming to buy retailer Jones Group
as soon as this week, the New York Post reported, citing
The private-equity firms want to put an end to an auction
for the fashion and footwear company, which owns retail chains
Nine West and Jones New York, run by Citigroup Inc. The
auction has attracted bids from several buyout shops, including
Leonard Green & Partners, Sun Capital and Golden Gate Capital,
the Post said.
"The goal is to have it wrapped up before the deadline" for
second-round bids, a source close to the process told the Post,
noting that the deadline is this week.
The Post did not report the size of the offer but said
investors have speculated that Jones could fetch between $17 and
$18 per share. The shares closed at $15.68 on the New York Stock
Exchange on Monday.
The Wall Street Journal reported this month that KKR and
Sycamore are considering a joint bid for Jones Group.
KKR and Sycamore declined to comment to the Post. Jones
Group, KKR and Sycamore could not immediately be reached for
comment by Reuters outside regular U.S. business hours.