In response to an unsolicited bid from Liz Claiborne Inc., apparel marketer J. Jill Group will explore strategic alternatives. The company has not ruled out selling itself, and is working with Peter J. Solomon Company, its financial advisor.
In late November, Liz Claiborne offered $18 per share for J. Jill, for a total potential purchase price of $366 million. At the time, J. Jill’s stock was trading around $12.79. On Tuesday, the company’s stock closed at $19.31.
On Monday, Liz Claiborne issued a statement saying, in part that it was “please that J. Jill has decided to review strategic alternatives, and we looking forward to participating in the process. We have made a compelling all-cash offer of $18 per share that presents J. Jill shareholders with immediate liquidity and a premium of over 40% to the unaffected market price.”
Network
