NEW YORK, Nov. 24, 2010 (GLOBE NEWSWIRE) -- Tripp Levy PLLC, a leading national securities law firm, announces an investigation into the proposed acquisition of J. Crew Group, Inc. (NYSE:JCG). J. Crew today announced that it has entered into a definitive agreement to be acquired by funds affiliated with TPG Capital and Leonard Green & Partners, L.P. Millard Drexler will continue as Chairman and CEO and maintain a significant equity investment in J. Crew. Under the terms of the agreement, holders of the outstanding common shares of J. Crew will receive $43.50 per share in cash, or a total of approximately $3.0 billion.
The investigation concerns, among other things, whether the consideration to be paid to J. Crew shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of J. Crew. Indeed, analysts have projected the true inherent value of J. Crew is at least $50 per share. The investigation further concerns whether Mr. Drexler, as the CEO, as well as the board of directors of J. Crew may have breached their fiduciary duties by not acting in J. Crew shareholders' best interests in connection with the sale process of J. Crew.
If you own J. Crew common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact
Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States.
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