FINANCE

J.Crew shareholders approve buyout by TPG, Green

BY CSA STAFF

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.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
FINANCE

PetSmart’s Q4 earnings up 20%

BY CSA STAFF

Phoenix — PetSmart’s fourth-quarter net income rose 20%, helped by more customer transactions and a strong holiday season.

The chain’s net income rose to $90.3 million from $75 million in the same period last year. Revenue rose 8% to $1.52 billion. Same-store sales were up 6.3 %.

For the year, net income increased 21% to $239.9 million. Revenue rose 6% to $5.04 billion.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
FINANCE

CVS says FTC clears its buyout of Universal American unit

BY CSA STAFF

Woonsocket, R.I. — CVS Caremark Corp. said Tuesday that federal antitrust regulators cleared its planned acquisition of insurer Universal American Corp.’s Medicare Part D prescription drug business.

CVS and Universal American said the Federal Trade Commission has ended a mandatory review of the $1.25 billion deal. Universal American shareholders and state regulators still need to clear the deal.

The companies announced the transaction Dec. 31, and they expect it to close by the end of the second quarter.

CVS, of Woonsocket, R.I., said it wants to acquire the Medicare Part D business because more Americans will have Medicare prescription drug coverage as the population ages.

Universal American will retain its Medicare Advantage and traditional insurance businesses.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...