Sears, Urban Outfitters Said to be Weighing Rival Bids for J.Crew

Bloomberg News is reporting that Sears Holding Corp. (SHLD) and Urban Outfitters Inc. (URBN) are weighing rival bids for clothing retailer J.Crew Group Inc. (JCG), potentially derailing TPG Capital and Leonard Green & Partners LP’s $3 billion buyout.

According to Bloomberg sources, Sears and Urban Outfitters are studying J. Crew’s books but neither company has indicated whether it will actually counter TPG and Leonard Green’s $43.50-per-share offer. TPG and Leonard Green’s Nov. 23 offer for the co. was 29% higher than J. Crew’s average closing PPS in the month prior to the announcement.

J. Crew’s go-shop period, in which a public company solicits competing offers, expires Jan. 15 so any bid must be made before then.

At last check, JCG shares were up $1.74, or 4.04%, to $44.80.

Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!

Be the first to comment

Leave a Reply

Your email address will not be published.


This site uses Akismet to reduce spam. Learn how your comment data is processed.