Cherokee Group, a North Hollywood apparel firm,...

Cherokee Group, a North Hollywood apparel firm, has rejected a $155-million takeover bid that involved three of the company’s top executives. The offer by a Los Angeles investment group, Green Acquisition Co., would have paid $12.50 a share for Cherokee’s stock. But the company’s founder and biggest shareholder, James Argyropoulos, was not part of the takeover bid. A special committee of Cherokee’s board members said the $12.50 price was an illusory premium because the company’s stock had been depressed since last year’s market crash even though the company has continued to set earnings records.