US: Sun Capital completes Kellwood offer
Private investment firm Sun Capital Securities Group has successfully completed its cash tender offer for all outstanding shares in Kellwood Company - sealing its buyout of the apparel maker.
An additional 2.5m shares have been tendered, Sun Capital said in a statement today (19 February), giving it a 93.7% stake in Kellwood.
Last week, around 15.8m shares or 70.5% of the outstanding stock were tendered during the initial offer period.
As the final step of the acquisition process, a subsidiary of Cardinal Integrated (itself a wholly-owned subsidiary of Sun Capital) will be merged with Kellwood.
Following the merger, Kellwood will become a wholly-owned subsidiary of Cardinal Integrated, and its common stock will be delisted from the New York Stock Exchange.
St Louis, Missouri-based Kellwood Co on 11 February agreed to a US$542m takeover by Sun Capital.
Kellwood, which makes branded and private-label apparel and recreational and camping equipment under brands including Sag Harbor, Phat Farm and Izod, recommended that stockholders vote in favour of the $21.00 per share offer despite rejecting the bid on two earlier occasions.
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