Proxy adviser Institutional Shareholders Services Inc recommended that J Crew Group Inc (JCG.N) investors vote against the retailer's planned $2.86 billion takeover by private equity firms TPG Capital [TPG.UL] and Leonard Green & Partners LP. "Based on the less-than-compelling strategic rationale to sell the company at a lower than prevalent market premium," ISS urged shareholders to reject the offer. ISS also cited "serious issues in the sales process," as well as a current discounted cash flow valuation that it above the current offer price.
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