Home / Knowledge / News / Apparel/Garments / Jones Group shareholders approve Sycamore Partners merger
Jones Group shareholders approve Sycamore Partners merger
08
Apr '14
The Jones Group Inc. announced that, at 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 the 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. 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 Jones Group


Must ReadView All

Courtesy- Amity University, B L Arya and Shashi Kant Thakur with technology transfer agreement

Textiles | On 30th May 2016

New pilot plant to treat textile generated waste water

Scientists and researchers of Amity University has recently developed ...

Apparel/Garments | On 30th May 2016

Ennis, Inc. completes Alstyle Apparel sale

Texas-based Ennis, Inc. has announced that it has completed the...

Courtesy: Ethicalcorp

Textiles | On 30th May 2016

Corporate execs wary of sustainability driven revenue

Business Intelligence provider Ethical Corporation’s...

Interviews View All

Veronique Lee
Modavanti

Sustainable fashion is not necessarily pocket- friendly. Are consumers...

Dinaz Madhukar
DLF Emporio and DLF Promenade

How do you see the competition from e-stores? What is the marketing...

Milind Khandwe
Hindoostan Innovation Centre

Which areas of innovation is the Hindustan Innovation Centre (HIC) focused ...

Mark Paterson
Technical Absorbents Ltd

<b><i>Mark Paterson, R&D manager of Technical Absorbents Ltd talks about...

Iago Castro Asensio
RCfil Distribuciones S.L.

<b><i>Iago Castro Asensio, International Business Manager of RCfil...

Urs Stalder
Sanitized AG

<b><i>Urs Stalder, CEO, Sanitized AG, talks about the increasing use of...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
May 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search