J. Crew shareholder to sell 7.5M shares |
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Published
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Wed, 10 Jan 2007 16:46
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NEW YORK (AFX) - J. Crew Group Inc. on Wednesday said Texas Pacific Group, a private investment group and the apparel retailer's largest shareholder, plans to sell 7.5 million shares of company stock in a proposed offering.J. Crew will not receive proceeds from the offer.Texas Pacific selected Goldman Sachs & Co. and Bear Stearns & Co. Inc. to lead a group of underwriters on the offering and granted the firms an option to purchase an additional 1.1 million shares to cover overallotments.J. Crew presently has 58.2 million shares outstanding.Shares of J. Crew fell 86 cents, or 2.3 percent, to $36.91 in morning trading on the New York Stock Exchange. The stock has traded in a range of $24.10 to $43.56 since going public last June.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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