J.Crew shareholders approve buyout by TPG, Green

New York City -- Shareholders of J.Crew Group have approved a $3 billion deal to be taken private by two investment firms.

The $43.50-per-share buyout by private-equity firms TPG Capital and Leonard Green & Partners is expected to close on or near next Monday. J. Crew CEO Millard (Mickey) Drexler will remain with the company.

Proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co. had both advised investors not to support the bid, Bloomberg reported. The chain had held last-minute meetings to convince large investors to vote in favor, three people familiar with the matter said this week, according to the report.

J. Crew began an 85-day "go shop" period when it would entertain other bids after it agreed in November to be bought by TPG and Leonard Green. It extended the period by a month after settling a shareholder lawsuit challenging the acquisition. Even after the extension, J. Crew said it was in talks with some interested parties but did not receive any firm alternative bids.