J. Crew Said to Be Near Settling Suit Tied to Buyout

J. Crew Group Inc. is close to settling a shareholder lawsuit over its proposed $3 billion takeover by private-equity firms TPG Capital and Leonard Green & Partners LP, said two people with knowledge of the matter.

As part of the settlement, J. Crew would extend the period to solicit competing offers until Feb. 15 and add provisions that make it easier to accept a rival bid, said the people, who declined to be identified because the information isn’t public. An agreement, which would also include a $10 million payment to plaintiffs, may be announced as soon as today, the people said.