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An investor group said it successfully completed...

An investor group said it successfully completed a $14-a-share cash tender offer for 48.4% of the stock of Cherokee Group, a Sunland apparel company. The group, Green Acquisition Co., which includes Cherokee’s president and two other Cherokee executives, said it now owns 49.9% of Cherokee and will seek a shareholder vote to buy the remaining stock for $14 a share in cash and securities. Cherokee’s founder and chairman, James P. Argyropoulos, opposes the takeover. Separately, Cherokee said its fiscal first-quarter profit fell 17% from a year earlier to $2.46 million, despite a 21% jump in sales to $43.2 million.


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