The Company does not intend to disclose developments with respect to this process. If the Company makes a determination that a transaction with such third party has a reasonable likelihood of delivering value above $21.00 per share, Kellwood reserves the right to not remove the impediments to Sun Capital's tender offer.
Robert C. Skinner, Jr., chairman, president and chief executive officer, said, "While it is our strong preference to continue as an independent company, we believe that stockholders should be able to make their own decisions on a $21.00 per share cash offer that is not subject to due diligence or financing."
The Company has deferred the Distribution Date under its Rights Agreement so that the preferred stock purchase rights are not exercisable or transferable apart from the common stock at this time.
Banc of America Securities LLC and Morgan Stanley & Co. Incorporated are acting as financial advisors, and McDermott Will & Emery LLP and Sonnenschein Nath & Rosenthal LLP are serving as legal counsel, to Kellwood.
marketing@alchempro.com
