Home / Knowledge / News / Apparel/Garments / Kellwood BoD rejects Sun Capital unsolicited proposal

Kellwood BoD rejects Sun Capital unsolicited proposal

18
Oct '07
Kellwood Company announced that its Board of Directors has unanimously determined that the Sun Capital Securities Group, LLC (Sun Capital) unsolicited proposal is not in the best long-term interests of Kellwood and its shareholders.

This decision comes after careful consideration of the unsolicited proposal of Sun Capital to pursue an acquisition of the Company at a price of $21 per share, and taking into account the potential benefits that may be realized through the Company's previously announced long-term strategic plan.

Kellwood's Board of Directors conducted a detailed review of the Company's strategy for enhancing shareholder value. Their review included consultation with the Company's independent financial advisor -- Banc of America Securities LLC. The Board of Directors concluded that the unsolicited Sun Capital proposal significantly undervalues the strength of Kellwood's expanded portfolio of brands and the Company's opportunities for sales and earnings growth.

"Our Board is committed to enhancing shareholder value," stated Robert C. Skinner, Jr., chairman, president and chief executive officer, "and the Sun Capital proposal is not consistent with this objective."

"We continue to believe that executing our corporate strategy to reinvigorate our core business, expand our penetration into higher profile, better and above price point brands, connect more directly with consumers, and utilize our operating infrastructure more efficiently to fund our growth will deliver greater value to our shareholders."

"Our Board is determined to enable all of its shareholders to participate in these future benefits resulting from the Company's sales and earnings growth strategy."

Kellwood Company


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 21st Feb 2020

France unveils environment score system for apparel

France has launched a system under which apparel may now display a...

Pic: Asia Pacific Rayon

Textiles | On 21st Feb 2020

APR’s new viscose rayon production facility inaugurated

The president of Indonesia, Joko Widodo, has inaugurated Indonesia's...

Pic: II.studio / Shutterstock.com

Fashion | On 21st Feb 2020

Re-commerce gaining momentum in India

The hazards of fashion industry are well-known, and to curb its...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek, Kannbar

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Rahul Bhadani, Looksgud

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Priyanka, Studio Priyanka Rajiv

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Siddhachakra Weaving (Badiya Fashion),

Siddhachakra Weaving (Badiya Fashion)

Ahmedabad-based Siddhachakra Weaving Pvt Ltd was established in 2011 under ...

Erik Sy,

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Ian Burn,

Ian Burn

Camira's expertise goes from farm to fabric and everything in between. The ...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search