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In Brief: Hanesbrands Share Offer … Valentino Hires … Big Saks Dividend

A brief look at some of the day's stories.

HANESBRANDS SHARE OFFER: Hanesbrands Inc. said Tuesday that it was informed of an unauthorized tender offer by TRC Capital Corp., which wants to buy Hanesbrands shares at a below-market price. TRC Capital’s offer price is $21.50 per share, 3.9 percent below the closing price of Hanesbrands stock on Sept. 26, the day prior to the date of the offer. TRC Capital is looking to purchase up to 2 million shares, or about 2.1 percent of Hanesbrands outstanding shares. On Monday, Hanesbrands stock closed at $22.49.

VALENTINO HIRES: Valentino has added two executives to its U.S. division. Valerie Adler Leon has joined the company as director of sales for shoes, handbags and accessories. Previously, she was chief operating officer at contemporary multiline showroom Cynthia O’Connor & Co. She also had extensive experience in buying and planning positions at Saks Fifth Avenue and Bergdorf Goodman. At Valentino, she replaced Marco Marin, who joined Polo Ralph Lauren Corp. as a vice president of sales for Collection footwear. Also, Valentino promoted Alan Aschenbrenner to director of men’s sales. He had been sales manager of Valentino Menswear since 2003, and before that, was a men’s merchant at Barneys New York. Aschenbrenner took over some responsibilities previously held by Nancy Berger, who recently joined Men’s Vogue. Adler Leon and Aschenbrenner report to Wendy Kahn, senior vice president of sales, marketing and retail.

BIG SAKS DIVIDEND: Saks Inc.’s board declared a special cash dividend of $4 a share, which will be payable on Nov. 30 to shareholders and will total about $550 million based on current outstanding shares. The company said this dividend is a way to distribute to shareholders a portion of Saks excess cash, which includes $285 million in proceeds from the sale of Parisian that was completed on Monday.