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Article: Stevens board rejects WestPoint breakup bid. (J.P. Stevens and Co. Inc. rejects bid by West Point Pepperell that would split company with Odyssey Partners and Bibb Co.)
- Article from:
- WWD
- Article date:
- April 25, 1988
- Author:
CopyrightCOPYRIGHT 1988 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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STEVENS BOARD REJECTS WESTPOINT BREAKUP BID By DARA SCHECHTER
NEW YORK (FNS) -- The special committee of the board of J.P. Stevens & Co., Inc., said Friday that it rejected a $68.50-a-share takeover proposal from WestPoint Pepperell, Inc. The proposal involves a breakup of Stevens.
In rejecting the bid, Stevens said it would be contingent on Odyssey Partners purchasing certain Stevens assets for about $530 million and added that the Odyssey transaction was subject to financing.
In addition to its rejection of the offer, Stevens went to court Friday seeking to enjoin WestPoint from any further interference with an earlier merger agreement between ...