A special panel of Cherokee Group’s directors...

A special panel of Cherokee Group’s directors rejected as inadequate a sweetened, $161-million takeover offer from an investor group that includes some top executives of the Sunland apparel concern. The group had made a revised offer of $13 for each of Cherokee’s 12.4 million shares outstanding after its initial bid of $12.50 a share also was rejected. Cherokee said the group plans to revise its offer again early this week, and after the announcement, Cherokee’s stock closed at $12.375 a share, up $1.125, in national over-the-counter trading. The investor group does not include Cherokee Chairman James P. Argyropoulos, who owns 14.5% of Cherokee’s stock.