J. Crew Agrees to Settle Lawsuit Tied to TPG Buyout

J. Crew Group Inc. agreed to settle a lawsuit over its proposed $3 billion takeover by private-equity firms TPG Capital and Leonard Green & Partners LP, and will spend another month seeking competing offers.

J. Crew will extend the period to solicit competing offers until Feb. 15, according to a statement today from the New York-based clothier. J. Crew originally had until Jan. 15 to find other offers. The agreement also will include a $10 million payment to plaintiffs.