Jones Apparel Opens Hostile Bid for Maxwell
From Reuters
Jones Apparel Group Inc. launched a hostile $297-million takeover bid for Maxwell Shoe Co., taking its cash offer directly to the shoe designer’s shareholders.
New York-based Jones said it had begun a tender offer of $20 a share for Maxwell’s 14.8 million Class A shares. Maxwell’s board previously rejected the bid. Shares of Hyde Park, Mass.-based Maxwell Shoe rose 50 cents to $22.59 on Nasdaq. Jones shares rose 12 cents to $35.78 on the New York Stock Exchange.
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