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IN BRIEF : Farley Extends Offer for Pepperell

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<i> From Times staff and wire service reports </i>

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.

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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.

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