Tuesday, March 1, 2011
So, despite the flawed process, the useless fairness opinion, the fig-leaf go shop, and the problematic disclosure, the J.Crew MBO was approved by almost 64% of the company's outstanding shares. Looks like many of the large institutional investors in the company voted for the deal, even though ISS recommended that they reject the proposal. At the end of the day, the shareholders' meeting on the deal was typically short (a total of 4 minutes) and undramatic. Not much of a surprise...