No Go
The Kellwood Co., the Chesterfield, Mo.–based apparel giant that owns several labels—including Koret, Sag Harbor and Phat Farm —again rejected a $544 million takeover bid from the Sun Capital Securities Group. The company’s board met Nov. 13 and said it would not reconsider the initial bid, first disclosed in mid-September, because it undervalued the company’s various brands. Sun Capital, which owns 9.9 percent of Kellwood’s stock, said it prefers to acquire Kellwood in a friendly, negotiated transaction. Sun Capital’s offer for Kellwood is for $21 a share. The company’s stock was trading for $18.07 on Nov. 13, the day the bid was rejected.
