USA: Jones Apparel Completes McNaughton Acquisition
Jones Apparel Group Inc has completed the acquisition of McNaughton Apparel Group Inc which was announced in April. Jones will exchange 0.282 of a share of Jones common stock and $10.50 in cash for each share of McNaughton common stock. The exchange ratio was determined based on the average closing price of $40.68 for Jones common stock for the five-day period from June 11 through June 15, 2001. McNaughton had approximately 10.6 million shares of common stock outstanding, excluding stock options, at closing.
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