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Sun Capital Securities Group urged Kellwood shareholders Wednesday to tender their shares by Feb. 12, when the fund’s offer to buy the company at $21 a share expires, or risk losing the opportunity to cash in their stock at that price. The vendor’s management has left it up to shareholders to decide on the proposition, which was first put forward on Sept. 18.
“Kellwood’s stock price would decline significantly, likely to a level well below its trading price on Sept. 18, 2007, in the absence of a sale of the company,” said Sun in the letter to Kellwood shareholders.
For complete coverage, see Thursday’s WWD.