US: J Crew silent over end to deal talks with Fast Retailing
Earlier this month, Fast Retailing was reported to have approached J Crew about potentially buying the private-equity-owned business, according to Reuters. J Crew was taken private by TPG Capital and Leonard Green & Partners in 2011 in a deal worth US$3bn.
However, merger discussions are understood to have broken down, reducing the prospects of a deal that would create a global retailing behemoth.
According to The Wall Street Journal, Fast Retailing, which owns the Uniqlo clothing chain, walked away from discussions soon after initial reports of a potential deal emerged last month. Sources told the publication the reason may have been linked to the talks being made public. Another suggestion is that a second bidder may have stepped in.
South Korean fashion conglomerate E.Land Group was said to be exploring a deal for J Crew.
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