Mergers & Acquisitions
J.Crew received no rival bid during a solicitation period and will stick with its nearly $3 billion buyout offer made by two private equity firms in November, according to Reuters. J.Crew agreed to be taken private by the two firms.
eBay has completed its acquisition of brands4friends, an online shopping club site for fashion and lifestyle in Germany. eBay announced the acquisition on Dec. 20 and acquired the site for a transaction value of approximately $200 million in cash.
Kenneth Cole plans to shutter its Manhattan flagship store in Rockefeller Center this year, as well as eight additional stores nationwide, according to CrainsNewYork.com.
Shares of J.Crew surged as high as 9 percent after rumors hit that Sears and Urban Outfitters may launch rival bids for the clothier, according to a report by Bloomberg, citing three people close to the matter.
Jo-Ann Stores Inc. has agreed to be acquired by an affiliate of Los Angeles-based Leonard Green & Partners LP for $61 per share in cash, a transaction valued at $1.6 billion, to accelerate the fabric retailer's expansion, according to Bloomberg.com.
Office Depot Inc. rose to a six-month high and trading of bullish options jumped to 14 times the four-week average on speculation that the retailer will be bought after it boosted executives' pay in the event of a sale.