Retail Industry
Industry: Email Alert RSS FeedFarley gets $43m from stock sale. (clothing conglomerate)
Daily News Record, August, 1990
FARLEY GETS $43M FROM STOCK SALE
WASHINGTON (FNS) - Farley, Inc., has sold 3,750,000 Class B shares of Fruit of the Loom, Inc., common stock, a move that reduces William Farley's controlling interest to 53.6 percent, according to a report filed Wednesday with the Securities and Exchange Commission.
The stock sale to Land Free Investment Ltd., a corporation organized on the Isle of Guernsey, Channel Islands, was for $43,125,000, or $11.50 a share, the report said, and provides a mechanism for Farley, Inc., to buy back the stock at $15.54 a share next year.
The Class B shares were converted to Class A shares as part of the transaction, the report said.
Farley, through his personal holdings and through his holdings under Farley, Inc.,...
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