Kellwood Rejects Buyout Offer

1 decade 1 year 3 months ago Tuesday, November 13 2007 Nov 13, 2007 Tuesday, November 13, 2007 8:40:39 AM CST November 13, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
ST. LOUIS (AP) - The apparel maker Kellwood company today says it has rejected a buyout offer from Sun Capital Securities Group, marking the second time in a month Kellwood has rejected the private investment firm's overture. Sun Capital, which owns a nearly ten-percent percent stake in Kellwood, first made a 544-million-dollar bid in September. Kellwood's board rejected it in October, saying the 21 dollars per share offer undervalued the company and was not in the best interest of shareholders. Yesterday, Sun Capital reaffirmed its same proposal and said it was prepared to take the offer straight to shareholders. Kellwood is one of the nation's largest apparel makers with branded and private-label products. The brands it owns include Sag Harbor and Phat Farm.

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