U.S. clothing retailer J Crew Group Inc (JCG.N) is close to settling a shareholder lawsuit over its proposed takeover by private equity firms TPG Capital [TPG.UL] and Leonard Green & Partners LP, Bloomberg said, citing two people with knowledge of the matter. A $2.86 billion deal to acquire J Crew was announced on Nov. 23, with TPG Group and Leonard Green & Partners LP agreeing to buy the company for $43.50 a share, a premium of about 15 percent. Lawsuits have protested the proposed sale price and asserted that J Crew Chairman and Chief Executive Millard Drexler potentially breached his fiduciary duties to investors. Shares of J Crew closed Friday at $43.82 on the New York Stock Exchange.
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