New York City -- Reports circulated Wednesday that several potential suitors, including Sears Holdings and Urban Outfitters, have been studying J. Crew’s books. Urban Outfitters is seriously weighing a counterbid for the high-flying preppy retailer, according to a report in The New York Times. At least two other private-equity firms are also receiving confidential data on the New York-based retailer, Bloomberg reported.
Still, it is not clear that either -- or any other bidder, including several buyout firms -- will make a firm counteroffer, the report said.
J. Crew agreed on Nov. 23 to sell itself for $43.50 a share to buyout firms TPG Capital and Leonard Green & Partners. The agreement included a “go-shop” provision that allows the company to entertain rival offers until Jan. 15.