Wednesday, January 5, 2011

J. Crew Jumps On Speculation Of A Higher Bid

Shares of J. Crew Group, Inc. (NYSE: JCG) surged more than 4% on Wednesday after Bloomberg reported that the clothing retailer could be a takeover target. Sears Holdings Corp. and Urban Outfitters Inc. are weighing rival bids for clothing retailer J. Crew Group Inc. in a potential challenge to TPG Capital and Leonard Green & Partners LP’s $3 billion buyout, Bloomberg reported, citing people with knowledge of the matter. 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. TPG and Leonard Green’s Nov. 23 offer for the company was 29 percent higher than J. Crew’s average closing share price in the month prior to the announcement. Stay tuned for more.

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