Icahn Agrees to Buy WestPoint Stevens
Billionaire investor Carl Icahn agreed to buy WestPoint Stevens Inc., maker of Martha Stewart sheets and towels, for $703 million after winning a five-month bidding contest against financier Wilbur Ross.
Icahn’s American Real Estate Holding Ltd. outbid Ross and a group of creditors in an auction, WestPoint Stevens said in papers filed with the U.S. Bankruptcy Court in New York. The group challenged WestPoint’s agreement with Icahn.
The sale of the West Point, Ga.-based company requires Bankruptcy Court approval.
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