Check out Sun Capital’s push to take over Kellwood.
 
After having a takeover offer rebuffed by Kellwood management, private equity firm Sun Capital is going straight to shareholders.
 
Sun Capital began a tender offer to buy all outstanding shares of the company for $21 each. Kellwood shares closed on Monday at $16.51.
 
“This refusal to discuss a potential transaction has forced us to take our offer directly to Kellwood’s stockholders,” said Jason Bernzweig, vice president of Sun Capital, in a statement.
 
Sun Capital, which already owns about 9.9 percent of Kellwood’s shares, also said that if an agreement is not reached with Kellwood in the near term, it will nominate its own slate of directors for election to Kellwood’s board.
 
It also said its $21-per-share offer price will be reduced to $19.50 if Kellwood does not terminate its $60 million tender offer for its 7.875 percent senior notes due in July 2009.
 
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