J.Crew reached a settlement with shareholders who sued the company after it announced plans to sell itself to a private equity firm for $3 billion. Under the settlement, J.Crew agreed to extend the go-shop period to February 15 to solicit rival bids that shareholders could vote on. However, a lawyer for the shareholders now argues that J.Crew manipulated the process by scheduling a vote on the bid for March 1 and announcing the results of the initial go-shop period, during which no other bidders emerged. Under terms of the agreement — which J.Crew calls "binding," and the opposition to which it plans to fight — they also agreed to pay the shareholders $10 million. So what could appease them now? "A very significant monetary recovery," their lawyer reveals. J.Crew says they've done nothing wrong and plan to go ahead with the March 1 vote on the sale. The case is in the hands of a judge.
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