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NEW YORK CITY-Apparel retailer J.Crew Group Inc., headquartered here, said Tuesday it has agreed to a buyout by a partnership of San Francisco-based TPG Capital and Leonard Green & Co., based in Los Angeles. The deal is valued at approximately $3 billion, or $43.50 per share, a 29% premium on the retailer’s average closing share price last month. Millard Drexler will continue as J.Crew’s chairman and CEO and maintain a “significant equity investment,” the company says.

Under terms of the agreement, a committee of J.Crew directors can shop around for alternative proposals through January 2011, a “go shop” period that would reflect the retailer’s holiday sales performance. If the process does not result in a better offer, the TPG/Leonard Green deal is expected to close in the first half of next year.

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