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J Crew close to settling lawsuit tied to its takeover: report

(Reuters) - U.S. clothing retailer J Crew Group Inc (JCG.N) is close to settling a shareholder lawsuit over its proposed takeover by private equity firms TPG Capital TPG.UL and Leonard Green & Partners LP, Bloomberg said, citing two people with knowledge of the matter.

A $2.86 billion deal to acquire J Crew was announced on November 23, with TPG Group and Leonard Green & Partners LP agreeing to buy the company for $43.50 a share, a premium of about 15 percent.

Lawsuits have protested the proposed sale price and asserted that J Crew Chairman and Chief Executive Millard Drexler potentially breached his fiduciary duties to investors.

Read the full Reuters story, "J Crew close to settling lawsuit tied to its takeover: report."

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