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J. Jill Considers Sale

QUINCY, MA-Weeks after Liz Claiborne Inc. offers to buy the company, its board say it is exploring "strategic alternatives."

By Bob Howard | Updated on December 05, 2005

QUINCY, MA-Weeks after Liz Claiborne Inc. offered to buy J. Jill for $18 a share, J. Jill on Monday said it is exploring “strategic alternatives to enhance shareholder value, including a possible sale.” The firm is working with Peter J. Solomon Co. as its financial adviser in the process and with Kirkland & Ellis LLP and Foley Hoag LLP are acting as legal advisers.

Liz Claiborne responded with its own announcement Monday, with CEO Paul Charron saying, “We are pleased that J. Jill has decided to review strategic alternatives, and we look forward to participating in the process.” Claiborne’s offer, which it made on Nov. 12 and which would have amounted to about $366 million, would pay J. Jill shareholders “a premium of over 40%” for their shares, according to the Claiborne statement Monday.

J. Jill’s announcement Monday said there is no certainty that the exploration of strategic alternatives will result in a transaction, and it said it wouldn’t disclose developments until its board of directors has made a decision. The Liz Claiborne offer came after J. Jill reported third-quarter financial results that included a net loss of $2.7 million.

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