IN BRIEF : Farley Extends Offer for Pepperell
Farley Inc. today extended its $1.4-billion unsolicited offer for textile giant West Point-Pepperell Inc. for the seventh time, moving the deadline back another week.
Pepperell is fighting the $48-per-share offer, first made Oct. 25, with various takeover defenses, several of which have been struck down by a federal judge.
On Wednesday, Pepperell attorneys were at the U.S. 11th Circuit Court of Appeals, asking judges there to reinstate “poison pill” provisions that had been thrown out by a lower court. In addition, Farley representatives were negotiating Wednesday with the Georgia Secretary of State’s office to answer concerns raised about the deal’s financing.
Farley, manufacturer of Fruit of the Loom underwear and Acme boots, owns 9.8%, or 2.9 million shares, of Pepperell stock. Today, the company said approximately 14 million shares had been tendered, which would give the Chicago-based conglomerate control of about 57% of Pepperell shares, well short of the two-thirds requirement on which the offer is contingent.