The board of directors of Kellwood Co. has elected to step aside and let shareholders decide on whether they want the apparel firm to be acquired by Sun Capital Securities Group LLC for $21 a share, or about $762 million.The board had twice rejected Sun Capital's bid.The private equity company launched a tender offer on Jan. 16. The offer did not have any conditions, such as financing.Previously, Sun's offer to acquire Kellwood had been merely proposals. The tender offer launched this month, if accepted by a majority of Kellwood shareholders, would obligate Sun to close on its acquisition of the St. Louis-based apparel firm on Feb. 12.Kellwood said that before the expiration of Sun's tender offer on Feb. 12, it intends to rescind its own $60 million debt tender offer for the 7.875 percent notes due on 2009. Sun Capital had said the offer was ill advised and reduces equity value. Kellwood made the bond tender offer a week after unveiling a plan to buy back $80 million in stock following completion of the sale of Smart Shirts, which netted the company $162 million in cash.The Kellwood board also said it was not taking any position on whether stockholders should tender their shares into the offer.Sun's financial advisors are Citibank and Credit Suisse. Kellwood's bankers are Bank of America and Morgan Stanley.A source familiar with the situation said the expectation is that Kellwood will find a so-called white knight within the next three weeks. The same source said there have been expressions of interest, but declined to disclose whether they were from strategic or other financial buyers.Robert C. Skinner Jr., chairman, president and chief executive officer of Kellwood, 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 per share cash offer that is not subject to due diligence or financing."
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)
"In order for Shudu to wear garments, she needs to be able to put them on, just like you would in the real world. You have to digitize the outfits," said Cameron-James Wilson on dressing 3-D model @shudu.gram for her WWD photoshoot with @itsclo3d. #wwdfashion (📸: @cjw.photo)
“Shudu is a digital supermodel, a very glamour and amazing woman. But she’s 3-D,” says Cameron-James Wilson, a fashion photographer and the creature of @shudu.gram. Here, Shudu wears @cushnieetochs for her debut fashion editorial. #wwdfashion (📷: @cjw.photo)
“It is the fierce female performances that came before me that made be able to clearly identify for myself what it was that I wanted to do, what kind of artist I wanted to be, what kind of films I wanted to make,” said @brielarson at the Women in Film Crystal + Lucy Awards. See more pictures from the event on WWD.com. #wwdeye (📷: Matt Baron)