West Point-Pepperell Sells Divisions to Bidermann
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<i> Associated Press</i>
CHICAGO — Bidermann Industries Corp. said Friday that it has agreed to buy three divisions of Cluett, Peabody & Co. at a price an analyst said was well below what cash-strapped industrialist William Farley had hoped to get.
The purchase price was about $350 million cash and a $60-million note. The sale follows renegotiation with bankers Wells Fargo & Co. and Bankers Trust Co. of a $1.2-billion loan, which buys Farley more time to complete his takeover of Georgia-based Pepperell.
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