J. Crew Group Inc. shareholders approved a $3 billion buyout of the casual apparel retailer, a company spokeswoman said Tuesday morning.

The deal puts the New York company in the hands of private-equity firms TPG Capital and Leonard Green & Partners for $43.50 per share. J. Crew Chief Executive Millard “Mickey” Drexler, a well-known merchant credited with the success of Gap Inc. a decade ago and the more recent turnaround at J. Crew, worked with both firms on the deal. Mr. Drexler will remain with the company.

Last week, proxy advisor Institutional Shareholder Services Inc. issued a report recommending shareholders vote against the deal, asserting the offer price was too low.

J. Crew dismissed ISS’s research as “deeply flawed.”

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