Cluett rejected a $42-a-share buy-out proposal.

Dallas real estate investor Craig Hall, who owns a 9.9% stake in Cluett, Peabody & Co., said the apparel firm is not interested in exploring a possible leveraged buy-out under which Hall’s investor group would offer $42 a share in cash. A Cluett spokesman said the firm is not interested in offers from groups “with little or no knowledge of the apparel industry.” Cluett earlier this month rejected a $40-a-share offer by an investor group led by two Sacramento real estate investors.