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Article: Stevens rejects WestPoint $68.50 takeover offer. (J.P. Stevens and Co., WestPoint Pepperell. textile industry)

Article from:
Daily News Record
Article date:
April 25, 1988
Author:
Copyright

Stevens Rejects WestPoint $68.50 Takeover Offer NEW YORK (FNS) -- The special committee of the board of J.P. Stevens & Co., Inc., said Friday that it has rejected a proposal from WestPoint Pepperell to acquire the company at $68.50 a share.

Stevens says that the offer 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 rejecting the offer, Stevens went to court Friday seeking to enjoin WestPoint from any further interference with an earlier merger agreement between Stevens and Odyssey.

WestPoint declined comment on the ...

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