Sun Capital says it now owns 93.7 percent of Kellwood

Sun Capital Securities Group LLC this morning announced the completion of its cash tender offer to purchase all outstanding shares of Kellwood Co.

Sun Capital said approximately 2.5 million Kellwood shares had been tendered in the subsequent offering period. These shares, combined with shares tendered during the initial offering period and Sun Capital’s existing 11.4 percent stake, represent approximately 93.7 percent of the outstanding shares of Kellwood.

As the final step of the acquisition process, each share not previously purchased in the tender offer or otherwise owned by Cardinal Integrated or one of its affiliates will be converted, subject to appraisal rights, into the right to receive $21.00 per share in cash. Consummation of the merger is expected to occur as soon as practicable.

Following the merger, Kellwood will become a wholly-owned subsidiary of Cardinal Integrated, and Kellwood’s common stock will be delisted from, and will cease to trade on, the New York Stock Exchange.