Judge Refuses to Block Cherokee Bid
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A federal judge denied a request to block a $174-million takeover offer for Cherokee Group, a fast-growing Sunland apparel and shoe concern.
The decision by U.S. District Judge William D. Keller was a major blow to James P. Argyropoulos, Cherokee’s founder and chairman, who sought the injunction to block Green Acquisition Co. from proceeding with its offer of $14 a share in cash and securities.
Green is an investor group that includes three other top Cherokee executives. Argyropoulos’ lawyer, J. Michael Hennigan, said he did not know if he would appeal the decision.
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