Upmarket sportswear and eveningwear firm, The Leslie Fay Company, announced that Three Cities Research, Inc, Three Cities Fund II, L.P. and Three Cities Offshore II, C.V. have made a proposal to acquire all the outstanding shares of common stock of the company not currently owned by Three Cities Funds for a cash price of $3.50 per share. On Friday, January 12, 2001, the closing price of the company's common stock was $2.81 per share.