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J. Crew Agrees to $3 Billion Buyout Offer by TPG

J. Crew Group Inc. agreed to be acquired by TPG Capital and Leonard Green & Partners in a transaction valued at about $3 billion, giving the buyout firms the New York-based retailer’s namesake and Madewell brands.

The price is $43.50 a share, 23 percent higher than the 20-day average stock price before today. That compares with the 17 percent average premium for U.S. private-equity takeovers of apparel makers, according to data compiled by Bloomberg.