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.
