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Empresas y finanzas

J Crew agrees to $2.86 billion private-equity buyout


    CHICAGO (Reuters) - J Crew Group Inc said on Tuesday that it had agreed to be bought out by two private equity firms for about $2.86 billion, although some analysts and others think the upscale apparel retailer company could command a higher bid.

    Under the proposed deal, TPG group and Leonard Green & Partners LP would buy the company for $43.50 a share. Millard Drexler will continue as chairman and chief executive officer and maintain a significant equity investment in J Crew.

    The offer would represent a premium of slightly more than 15 percent over Monday's closing share price of $37.65 for J Crew, which went public in 2006.

    But J Crew shares rose 17 percent to $44.06 in morning trading on Tuesday. The retailer would have a "go shop" window as part of the deal agreement, during which it could solicit better offers.

    J Crew, which had outperformed most retailers earlier this year, shocked the market in August when it cut its 2010 outlook, citing "nervous" shoppers and promotions by competitors.

    (Reporting by Brad Dorfman; Editing by Lisa Von Ahn)