Shareholders of J. Jill Group Inc. on Monday approved the company's $517 million acquisition by Talbots Inc., a fellow Massachusetts-based apparel retailer.
Holders of about two-thirds of J. Jill's shares voted in favor of the acquisition, the Quincy-based company said. Shareholders of Hingham-based Talbots were not required to vote on the deal, which is expected to close Wednesday, in line with the companies' initial expectations.
Talbots on Feb. 5 announced plans to acquire J. Jill Group, trumping an unsolicited offer in November from Liz Claiborne Inc., which declined to counter with a higher bid.
Both Talbots and J. Jill target women over the age of 35, though J. Jill offers more casual clothing.
Talbots said March 29 it plans to open 40 to 46 new J. Jill stores this year, in line with J. Jill's plans before the acquisition announcement.
Talbots also intends to keep Talbots and J. Jill as separate brands operating independently in such areas as merchandising, stores, catalog, online, marketing and store design.
J. Jill started out in 1987 selling exclusively through catalogs but has opened 200 stores nationwide over the past six years, mostly in malls. Talbots had 1,083 stores at the end of last year. The combined company will operate stores in 47 states, the District of Columbia, Canada, and the United Kingdom.
Posted by Constance Wherrity on May 2, 2006 11:55 AM
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