NEW YORK, March 6, 2014 /PRNewswire/ -- The Jones Group Inc. (NYSE: JNY) ("The Jones Group" or the "Company") has filed with the Securities and Exchange Commission definitive proxy materials in connection with the proposed transaction with Sycamore Partners. The Company expects to commence mailing of the definitive proxy materials to The Jones Group shareholders this week. As previously announced on December 19, 2013, The Jones Group entered into a merger agreement with Sycamore Partners, pursuant to which, subject to the satisfaction of various conditions set forth therein, affiliates of Sycamore Partners will acquire The Jones Group for $15.00 per share in cash.
A special meeting of shareholders of The Jones Group to consider and vote upon the previously announced agreement will be held at 2:00 p.m. Eastern Time on April 7, 2014, at the offices of Cravath, Swaine & Moore LLP at 825 Eighth Avenue, 38th Floor, New York, New York. The Jones Group shareholders of record as of the close of business on March 5, 2014 are entitled to vote at the special meeting.
The Jones Group's Board of Directors has unanimously approved the merger agreement and the merger, and unanimously recommends that shareholders vote "FOR" the proposal to adopt the merger agreement. Adoption of the merger agreement and the merger requires the approval of a majority of the shares of The Jones Group common stock that are cast at the special meeting.
The Jones Group shareholders are encouraged to read the Company's definitive proxy materials in their entirety as they provide, among other things, a detailed discussion of the process that led to the proposed merger and the reasons behind the Board of Directors' unanimous recommendation that shareholders vote "FOR" the proposal to adopt the merger agreement.