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AGREEMENT TO BE ACQUIRED BY SYCAMORE PARTNERS
12 Months Ended
Dec. 31, 2013
AGREEMENT TO BE ACQUIRED BY SYCAMORE PARTNERS [Abstract]  
AGREEMENT TO BE ACQUIRED BY SYCAMORE PARTNERS
AGREEMENT TO BE ACQUIRED BY SYCAMORE PARTNERS

On December 19, 2013, we entered into an Agreement and Plan of Merger (the "Merger Agreement") providing for the acquisition of Jones by an affiliate of Sycamore Partners, L.P. and Sycamore Partners A, L.P. ("Sycamore").  Under the terms of the Merger Agreement, which was unanimously approved by our Board of Directors, Sycamore will acquire all of the outstanding shares of our common stock for $15.00 per share in cash.  The transaction, which is structured as a one-step merger with Jones as the surviving corporation (the "Merger"), is subject to customary closing conditions, including approval of the holders of a majority of our shares that vote on the proposal to adopt the Merger.  In connection with the transactions contemplated by the Merger Agreement, we have also agreed to suspend payment of our regular quarterly dividend.  Concurrently with the signing of the Merger Agreement, Sycamore entered into separate purchase agreements with certain of its controlled affiliates which provide for the transfer of ownership of certain of our lines of business to such affiliates upon completion of the Merger.

We currently plan to complete the proposed Merger in the second fiscal quarter of 2014.  However, we cannot assure you that the Merger will be completed nor can we predict the exact timing of the completion of the Merger, because it is subject to the satisfaction of various conditions, many of which are beyond our control.  If the Merger is approved by our shareholders and is consummated, our shares of common stock will cease to be traded on The New York Stock Exchange and we will no longer be a publicly-traded company.

Sycamore has informed us that, in connection with the financing of the Merger and the other transactions contemplated by the Merger Agreement, it currently intends (i) to optionally redeem and discharge in full as of the effective time of the Merger our 5.125% Senior Notes due 2014; (ii) to conduct and consummate as of the effective time of the Merger the required change of control offer for our 6.875% Senior Notes due 2019 at the required offer price of 101% under the indenture governing these notes and (iii) for all our 6.125% Senior Notes due 2034 to remain outstanding obligations of Jones following the effective time of the Merger.