Shareholders OK J. Jill sale
The J Jill Group yesterday announced that its stockholders have voted to approve the $517 million acquisition of the firm by Talbots.
The deal amounts to $24.05 per share.
Approximately 66 percent of J. Jill Group shareholders voted at the stockholder meeting in Quincy, Mass. The proposed merger was announced on Feb. 5. Merger completion is expected on Wednesday.
In late March Talbots Inc. announced plans to open 46 new J. Jill stores in 2006. The company also said it will continue to operate the two brands independently in merchandising, stores, catalog, Web, marketing and store design.
J. Jill Group stock closed at $24.03 at the close of trading on Monday, while Talbots shares closed at $223.58. – TRACIE STONE