Cherokee panel KOs buyout bid. (management buyout for footwear group)

Cherokee panel KOs buyout bid NEW YORK (FNS) -- A special committee of the board of the Cherokee Group has unanimously rejected a $12.50-a-share management buyout bid, citing the offer as "illusory" and the timing of the proposal "inappropriate."

The total price offered comes to $150 million, based on the total number of outstanding common shares.

Cherokee stock closed down 1/8 at 11 3/4 in Over-the-Counter trading last Thursday.

The special committee includes Edwin W. Steidle, Arthur Argyris, and Peter D. Tamny, none of whom is an officer or employee of the company. Argyris is the brother of Cherokee founder James P. Argyropoulos, who was not mentioned in the offer.

Cherokee said the committee also directed senior management members involved in the buyout bid to take no further action on the proposal or participate "in any …