Kellwood (KWD) Now Favors Sun Capital $21/Share Takeover Bid
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After months of protest, Kellwood Company (NYSE: KWD) entered into a merger agreement with Sun Capital providing for a prompt merger if Sun Capital's tender offer is successful on February 12, 2008, and upon the closing of the tender offer Sun Capital owns a majority of the Company's shares. The Board of Directors is now recommending that stockholders tender their shares into the offer. 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.
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