Under the terms of the agreement, The Jones Group's shareholders will receive $15.00 in cash for each share of The Jones Group's common stock. This represents a premium of approximately 19% to The Jones Group's 30-day volume weighted average stock price for the period ended April 11, 2013, the last trading day prior to when media speculation began regarding the Company's plans to sell all or parts of its portfolio. The agreement was unanimously approved by The Jones Group's Board of Directors.
Sidney Kimmel, The Jones Group Founder and Chairman of the Board of Directors, said: "We are pleased to have reached this agreement, which we believe is a positive development for all of our stakeholders. This business, which I founded nearly 45 years ago, has expanded into a global portfolio of powerful brands. I am proud of our heritage and believe The Jones Group's brands will thrive through our partnership with Sycamore."
Wesley R. Card, The Jones Group Chief Executive Officer, said: "This transaction is a result of diligent analysis and thoughtful strategic deliberations over many months with the assistance of our advisors. This all-cash transaction delivers immediate and compelling value to our shareholders. Sycamore Partners is an experienced investor in the retail sector, and, as a private company, Jones will have the flexibility to help our brands reach their true potential. We look forward to continuing to deliver exceptional products that resonate with our customers."
Stefan Kaluzny, Managing Director of Sycamore Partners, said: "We are honored that the Board of The Jones Group has entrusted Sycamore Partners as the steward of this portfolio of iconic brands. We look forward to a successful partnership with the Company's talented associates as we continue to serve The Jones Group's many loyal customers."
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