Sun Capital says Kellwood execs will go along with shareholders
Bloomberg News this mornings is reporting that Kellwood Co. executives and directors have told Sun Capital Partners Inc. they will submit their shares in favor of a $542 million hostile takeover bid if most stockholders support the sale.
“Both the board and management of Kellwood have said they will tender their own shares into Sun Capital’s offer if a majority of Kellwood shares are tendered,” Sun Capital said in the statement. Donna Weaver, a Kellwood spokeswoman, didn’t immediately return a voice-mail message to Bloomberg.
Sun Capital is offering shareholders $21 a share. Town and Country-based Kellwood had previously opposed the takeover, but last month said it would not stand in the way if shareholders decided to sell the company, which makes and markets clothing.
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