US: Jones Group shareholders approve Sycamore takeover
Jones Group shareholders have overwhelmingly voted to approve the acquisition of the US clothing and footwear company by private equity firm Sycamore Partners.
Following months of speculation, a buyout of The Jones Group was agreed in December last year in a deal worth US$2.2bn.
In a statement late yesterday (7 April), Jones said the two companies had received all requisite approvals required to complete the transaction.
"The companies are committed to a seamless transition and expect to close the transaction promptly," it said.
The Jones Group Shareholders Approve Merger With Sycamore Partners
Transaction Expected to Close Promptly
NEW YORK, April 7, 2014 /PRNewswire/ -- The Jones Group Inc. (JNY) ("The Jones Group" or the "Company") announced that, at today's special meeting, The Jones Group shareholders overwhelmingly voted to approve the agreement pursuant to which affiliates of Sycamore Partners will acquire The Jones Group for $15.00 per share in cash, or a total transaction value of approximately $2.2 billion. With today's approval of the proposals by The Jones Group shareholders, The Jones Group Inc. and Sycamore Partners have received all requisite approvals required to complete the transaction. The companies are committed to a seamless transition and expect to close the transaction promptly.
Wesley R. Card, The Jones Group Chief Executive Officer, said: "We are pleased to have received such positive shareholder support for the merger with Sycamore Partners. We believe this transaction represents the best outcome for The Jones Group, our shareholders and the loyal customers of our brands, and we expect a seamless transition following the transaction close. The Jones Group Board of Directors and management team have worked diligently to advance the best interests of all of the Company's shareholders, and we are grateful for the support received for the Board's recommendations. We are also appreciative of the talented and committed employees of The Jones Group, who have worked so hard throughout this process."
Based on a preliminary vote assessment, approximately 79.1% of the Jones Group total outstanding shares as of the March 5, 2014 record date for the special meeting were represented, and approximately 98.8% were voted in favor of the merger agreement. The Jones Group had 78,858,502 shares of common stock outstanding as of the record date for the special meeting.
Citigroup Global Markets, Inc. is acting as financial advisor to The Jones Group and Peter J. Solomon Company is acting as financial advisor to the Company's Board of Directors. Cravath, Swaine & Moore LLP is acting as legal advisor to The Jones Group and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to the independent directors of the Company's Board of Directors.
About The Jones Group Inc.
The Jones Group Inc. (www.jonesgroupinc.com) is a leading global designer, marketer and wholesaler of over 35 brands with product expertise in apparel, footwear, jeanswear, jewelry and handbags. The Jones Group has a reputation for innovation, excellence in product quality and value, operational execution and talent. The Company also markets directly to consumers through branded specialty retail and outlet stores, through concessions at upscale department stores and through its e-commerce sites.
The Company's internationally recognized brands and licensing agreements (L) include: Nine West, Jones New York, Anne Klein, Kurt Geiger, Rachel Roy (L), Robert Rodriguez, Robbi & Nikki, Stuart Weitzman, Easy Spirit, Carvela, Gloria Vanderbilt, l.e.i., Bandolino, Enzo Angiolini, Nine & Co., Joan & David, Miss KG, Kasper, Energie, Evan-Picone, Le Suit, Mootsies Tootsies, Erika, Napier, Jessica Simpson (L), Givenchy (L), Judith Jack, Albert Nipon, Pappagallo and Rafe (L).
Original source: The Jones Group
- 2014: Year in review - Sourcing winners and losers
- COMMENT: The decline of the buying office
- 2014: Year in review - Brand winners and losers
- 2014: Year in review - Retail winners and losers
- Bangladesh: The business benefits of compliance
- Report urges overhaul of Cambodia factory safety
- Bangladesh knitting worker killed by faulty lift
- North Face debuts locally-grown "backyard" hoodie
- Apparel manufacturing leads US reshoring trend
- Triumph recalls 22,000 bras for underwire fault