Sun Capital Securities Group LLC has completed its $762 million cash tender offer to purchase all outstanding shares of Kellwood Co.
After attracting another 2.5 million shares by its extended Friday night deadline, the private equity firm now has 93.7 percent of the St. Louis-based vendor's outstanding stock.
Sun Capital had secured 81.9 percent of Kellwood's outstanding stock, including its own preexisting 11.4 percent stake, by its original Tuesday night deadline. After achieving the majority, the company extended a subsequent offer until Friday for the same $21 a share.
Sun Capital's wholly owned subsidiary, Cardinal Integrated LLC, has accepted all shares that were validly tendered and not properly withdrawn for payment, and plans to pay promptly $21 each, according to the company. The remaining approximately 6 percent of shares that were not sold to Sun will be converted, subject to appraisal rights, into the right to receive $21 a share in cash.
Kellwood will become a wholly owned subsidiary "as soon as practicable," according to Sun, and Kellwood's common stock will be delisted from the New York Stock Exchange.
Last week, there were several changes to Kellwood's board. Directors Ben Blount, Kitty Dickerson, Jerry Hunter, Phillip Miller and Robert Siegel all resigned Wednesday, according to a filing with the Securities and Exchange Commission. Sun filled four of the open slots with Jason Bernzweig, Mark Brody, Christopher Metz and Christopher Thomas.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion