Sun Capital Announces Completion of Tender Offer for Kellwood Shares
February 19 2008 - 8:47AM
Business Wire
Sun Capital Securities Group, LLC today announced the completion of
the cash tender offer by its wholly-owned subsidiary, Cardinal
Integrated, LLC, to purchase all outstanding shares of Kellwood
Company (NYSE: KWD). As of 12:00 midnight New York City time, on
Friday, February 15, 2008, the expiration time of the subsequent
offering period for the offer, approximately 2.5 million Kellwood
shares had been validly tendered in the subsequent offering period.
These shares, combined with shares tendered during the initial
offering period and Sun Capital�s existing 11.4% stake, represent
approximately 93.7% of the outstanding shares of Kellwood. All
shares validly tendered and not properly withdrawn in the offer
have been accepted for payment by Cardinal Integrated, and Cardinal
Integrated expects to promptly pay for all such shares. As the
final step of the acquisition process, a subsidiary of Cardinal
Integrated will be merged with and into Kellwood and each share not
previously purchased in the tender offer or otherwise owned by
Cardinal Integrated or one of its affiliates will be converted,
subject to appraisal rights, into the right to receive $21.00 per
share in cash. Consummation of the merger is expected to occur as
soon as practicable. Following the merger, Kellwood will become a
wholly-owned subsidiary of Cardinal Integrated, and Kellwood�s
common stock will be delisted from, and will cease to trade on, the
New York Stock Exchange. About Sun Capital Sun Capital Partners,
Inc. is a leading private investment firm focused on leveraged
buyouts, equity, debt, and other investments in market-leading
companies that can benefit from its in-house operating
professionals and experience. Sun Capital affiliates have invested
in and managed more than 180 companies worldwide with combined
sales in excess of $35.0 billion since Sun Capital's inception in
1995. Sun Capital has offices in Boca Raton, Los Angeles, and New
York, and affiliates with offices in London, Tokyo, and Shenzhen.
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