Sun Capital wants control of Kellwood's board

By Lisa Kerner

Charlotte, N.C., Feb. 8 - Sun Capital Securities Group, LLC amended its tender offer for Kellwood Co. to ensure that Sun Capital representatives on Kellwood's board will constitute a majority following the offer's close.

Under the additional condition, Sun Capital's board representatives also will be proportionate in number to Sun Capital's percentage shareholding in the company, according to the investor's news release.

Sun Capital does not intend, and is not obligated, to close the tender offer unless the condition is met.

All other conditions and terms of the tender offer remain unchanged.

The tender offer and withdrawal rights are scheduled to expire at midnight ET on Feb. 12.

It was previously reported that Sun Capital, in an open letter to fellow Kellwood shareholders, urged them to tender their shares in the $21-per-share all-cash tender offer.

Total value of the offer is about $762 million, including debt.

Cardinal Integrated, LLC, a Sun Capital affiliate, began its unsolicited tender offer for all of the outstanding shares of Kellwood on Jan. 15.

Sun Capital has a 9.9% ownership interest in the St. Louis-based apparel and consumer soft goods marketer.

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