Institutional Shareholder Services is a prominent firm that advises on financial matters like big shareholder buyouts. They weighed in the other day on the one J.Crew is hoping for in its yet-to-be-approved $3 billion sale to private equity firm TPG Capital, suggesting that shareholders vote against the sale since it could easily screw them over. This is bad for J.Crew since the ISS is a highly regarded firm. It’s chief criticisms:

1. The bid undervalues J.Crew.

2. If the deal falls through, J.Crew’s stock could plummet.

3. It’s shady that J.Crew CEO Mickey Drexler waited seven weeks after being approached about the buyout to inform the board.

I.S.S. Weighs In Against J.Crew Deal [DealBook/NYT]

J. Crew Defends Private Equity Buyout [Deal Journal/WSJ]