HOLDER BACKS KELLWOOD BID
A major shareholder in Kellwood – whose brands include Phat Farm – has come out to support Sun Capital’s hostile bid for the struggling apparel maker.
Chicago-based Discovery Group, which owns a 1.5 percent stake, said it plans to submit its shares to Sun Capital’s $21-a-share tender offer.
Discovery managing partner Michael R. Murphy said if Kellwood’s board doesn’t agree to the offer, it should remove a poison pill and other takeover defenses in order to let shareholders vote.
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