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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): November 24 1999
WESTPOINT STEVENS INC.
(Exact Name of Registrants as Specified in their Charters)
DELAWARE
(State or Other Jurisdiction of Incorporation)
0-21496 36-3498354
(Commission File Numbers) (I.R.S. Employer Identification Nos.)
507 WEST TENTH STREET 31833
WEST POINT, GEORGIA
(Address of Principal Executive Offices) (Zip Code)
(706) 645-4000
(Registrants' Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
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NY2:\853725\01\$@QL01!.DOC\80765.0004
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Item 5. Other Events.
On November 24, 1999, WestPoint Stevens released a press release
announcing that it has engaged Merrill Lynch & Co. to assist its Board
of Directors in the exploration of strategic and financial alternatives
for the purpose of enhancing stockholder value. WestPoint Stevens also
announced that, in light of the decision of its Board to begin the
exploration of strategic and financial alternatives, it has withdrawn
and terminated its currently pending tender offer. A copy of the Press
Release is attached hereto as Exhibit 99.1.
Item 7. Exhibits
Exhibit
99.1 Press Release dated November 24, 1999
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WESTPOINT STEVENS INC.
(Registrant)
By: /s/ Christopher N. Zodrow
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Date: November 29, 1999 Christopher N. Zodrow
Vice President and Secretary
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EXHIBIT INDEX
Exhibit No. Exhibit
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99.1 Press Release dated November 24, 1999
[GRAPHIC OMITTED]
WESTPOINT STEVENS INC.
Contact: Morgan M. Schuessler
Executive V.P. Finance and CFO
706/645-4230
WESTPOINT STEVENS INC. ANNOUNCES COMMENCEMENT OF EXPLORATION
OF STRATEGIC AND FINANCIAL ALTERNATIVES
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PENDING COMPANY TENDER OFFER WITHDRAWN
WEST POINT, GEORGIA (NOVEMBER 24, 1999) - WestPoint Stevens Inc. (NYSE:WXS)
today announced that it has engaged Merrill Lynch & Co. to assist its Board of
Directors in the exploration of strategic and financial alternatives for the
purpose of enhancing stockholder value. Such alternatives could include, among
other transactions, a merger or sale (which could include a management buyout)
or recapitalization. The Company is not currently in discussions with any third
party relating to any such transaction, and no proposals have been received.
There can be no assurance that a transaction will result from this process. The
Company assumes no obligation to update or revise the foregoing matters set
forth in this press release.
WestPoint Stevens also announced that, in light of the decision of its
Board to begin the exploration of strategic and financial alternatives, it has
withdrawn and terminated its currently pending tender offer. This tender offer,
for up to 3,000,000 shares of common stock, representing approximately six
percent (6%) of WestPoint Stevens' currently outstanding shares, was commenced
by WestPoint Stevens on October 29, 1999, and was to have expired on November
30, 1999.
WestPoint Stevens also announced that, subject to market conditions, it
would resume its previously authorized share repurchase program. This repurchase
program has been temporarily suspended during the pendency of the tender offer.
WestPoint Stevens Inc. is a home fashions consumer products marketing
company with a comprehensive line of Company-owned and licensed brands for the
bedroom and bathroom. The Company is vertically integrated and is the nation's
leading manufacturer and marketer of bed linens, towels, comforters and other
accessories that are sold in retail outlets throughout the world. WestPoint
Stevens' home fashions and consumer products are marketed under the well-known
brand names of GRAND PATRICIAN, MARTEX, UTICA, STEVENS, LADY PEPPERELL and
VELLUX, and under licensed brands including RALPH LAUREN HOME COLLECTION,
SANDERSON, STAR WARS, ESPRIT, JOE BOXER and SERTA PERFECT SLEEPER. WestPoint
Stevens can be found on the World Wide Web at www.westpointstevens.com.
Safe Harbor Statement: Except for historical information contained
herein, the matters set forth in this press release are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and are subject to the safe harbor provisions of that Act. The
forward-looking statements set forth above involve a number of risks and
uncertainties that could cause actual results to differ materially from any such
statements. These risks and uncertainties, and assumptions concerning the
Company's future operations and performance, could prove inaccurate and,
therefore, there can be no assurance that the forward-looking statements will
prove to be accurate.
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