Shareholders approved J. Crew Group Inc.’s $3 billion buyout by TPG Capital and Leonard Green & Partners by a better than three-to-one margin at a special meeting Tuesday.
The acquisition faced opposition heading into the meeting. Some investors saw the price of $43.50 a share as inadequate and groused over the way chairman and chief executive officer Millard “Mickey” Drexler talked to the private equity firms about a deal before informing his board. Investor advisory firm Institutional Shareholder Services Inc. recommended stockholders vote against the deal.
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