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wholly owned subsidiary, Cardinal Integrated LLC, has accepted all shares that were validly tendered and not properly withdrawn for payment, and plans to pay promptly $21 each, according to the company.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.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast