West Point-Pepperell Inc. announced that its board...

West Point-Pepperell Inc. announced that its board has voted to recommend that shareholders reject the $48-per-share offer made by Farley Inc. for the West Point, Ga., company’s stock. Based upon the advice of Merrill Lynch Capital Markets and Goldman, Sachs & Co., and other considerations, the board determined that Farley’s offer was inadequate. The board said shareholders’ interests would be better served if the company were to remain independent.