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Kellwood Co. said today that it entered into a merger agreement with Sun Capital via the private equity firm's $21-a-share tender offer.
"The board of directors is now recommending that stockholders tender their shares into the offer," Kellwood stated. "The board considered a number of factors in making its decision, including its determination that the $21.00 price being offered is fair, the absence of superior bids and the company's belief that a majority of the stockholders intend to tender their shares."
Banc of America and Morgan Stanley were financial advisers on the deal.
In the first few minutes after the opening bell Monday, shares to Kellwood shot up 2 percent to $20.93. On Friday, the vendor's stock closed at $20.53 on the Big Board.
For complete coverage, see Tuesday's WWD.