J. Crew Group Inc. Chief Executive Mickey Drexler cut a deal with two buyout firms to take the clothier private that lets him keep his job. Shareholders must now decide if they got as sweet a deal.
On Tuesday, J. Crew disclosed that it agreed to a buyout from a group of investors that include private equity firm TPG Capital, Leonard Green & Partners and Mr. Drexler, who owns a more than 11% stake if he exercises stock options. The group is proposing to pay about $3 billion, or $43.50 a share in cash.