IN BRIEF : Textile Firm to Discuss Takeover

West Point-Pepperell Inc. said today that it will hold a special shareholders’ meeting in February to discuss Farley Inc.’s unsolicited $1.4-billion bid.

Farley, the Chicago-based maker of Fruit of the Loom underwear, Acme boots and several other apparel brands, had pushed for the meeting.

Farley holds a 9.8% stake in Pepperell but says more than 50% of the company’s stock already has been tendered to it under its $48-a-share cash offer. The bid is contingent upon Pepperell’s “poison pill” anti-takeover defense being overturned, either in court or by a vote of the Pepperell board of directors.

Farley is trying to replace Pepperell directors with a slate more favorable to its takeover effort.

Pepperell said in a statement today that its board probably will meet later this week and is expected to set the shareholders’ meeting for Feb. 25.

Pepperell, based in West Point, Ga., is the country’s largest publicly held textile manufacturer. Brands include Gold Toe socks, Arrow shirts and Martex towels.