The Adams-Millis Corporation, a hosiery manufacturer, was founded in 1904 with headquarters in High Point, N.C. Adams-Millis produced socks for a number of different companies. One of its major clients was the Sara Lee Corporation, for which it manufactured Hanes brand socks. The idea of Sara Lee's acquiring Adams-Millis arose in 1985, when Adams-Millis was under the leadership of chairman and chief executive officer, James H. Millis, Sr. Serious meetings between Sara Lee and Adams-Millis officials concerning the prospect began in late 1986. The concept came to fruition in October of 1988, when Adams-Millis's stockholders approved the acquisition. The collection includes papers documenting the negotiations leading up to and continuing through the sale of Adams-Millis Corporation to Sara Lee Corporation. Correspondence includes letters between Adams-Millis officials and various groups involved in the merger, including Sara Lee, First Boston, Martin Gruss, and others. Also included are reports on stock voting plans and company value before and after an acquisition by First Boston, investment bankers hired by Adams-Millis; press releases announcing the ongoing development of competing offers from Sara Lee and Gruss & Co.; and several internal memos reporting on the status of negotiations. Reports and correspondence to the Securities Exchange Commission, the Federal Trade Commission, and the Justice Department are found here along with drafts of agreements and plans of merger, stock option agreements, employment agreements, proxy statements, and the like. Financial reports on Adams-Millis include both numbers compiled for internal use only and investment research on the company prepared by others and available to the public. Sara Lee documents in the collection include annual reports, a company newspaper, articles, and financial evaluations of the company.
