St. John Knits Founder Repeats Cash Offer

Robert Gray, founder of St. John Knits Inc., has extended for the third time a $490-million cash tender offer to acquire the 86% stake in the company his family does not already own. The new deadline is Feb. 1, the Irvine-based maker of upscale women’s clothing said Thursday.

Gray, St. John’s chairman and chief executive officer, has made the $28-per-share offer with other members of his family and Vestar Capital Partners. The offer, originally made Dec. 8 and extended twice before, was to have expired today.

Stock analysts and other shareholders have criticized the offer as inadequate. A committee of independent board members was set up to review the offer.