Kellwood Co. said in a statement late Tuesday that it received “an unsolicited letter from Sun Capital Securities Group LLC, indicating Sun Capital’s interest in pursuing an acquisition of all of Kellwood’s outstanding shares at a price of $21 in cash per share.” The price tag would be about $543 million. Shares of Kellwood have been trading around $15, near their 52-week low.
Kellwood said its board of directors will “carefully evaluate the Sun Capital proposal, and other alternatives available to the company, taking into account the potential benefits that may be realized through the company’s previously announced long-term strategic plan.”
At the bell this morning, the stock soared over 34 percent from the prior close to $20.44.