Shares of Kellwood (NYSE: KWD) are up more than 15% today after the company's board of directors decided that it would let the people who own the company decide [subscription required] whether they want to sell it. What a novel idea!

According to a press release put out by the company, Kellwood "intends to remove all impediments to the $21.00 per share cash tender offer made by an affiliate of Sun Capital Securities Group so that it can be consummated on February 12, 2008 if a majority of the shares are tendered. Sun Capital's $21.00 per share cash tender offer, under its terms, is not subject to financing or due diligence."

Kellwood has also hired Banc of America and Morgan Stanley to search for buyers who might able to top Sun Capital's offer. If they find a buyer that can make a better offer, they said they will reserve the right not to rescind the debt tender offer, a poison pill designed to make it more difficult for a third party to gain control of the company without the consent of the board of directors.

It's good to see that Kellwood is doing the right thing -- the fate of the company should rest in the hands of the shareholders, not the management and directors who have a history of failing to generate shareholder value.

Kellwood is an apparel company with brands including Baby Phat, Phat Farm, Vince, and Hollywould.

MOST NOTEWORTHY: EDO Corp, General Motors, Cameron, Getty Images and Micrus Endovascular were today's noteworthy downgrades:

• EDO Corporation (NYSE: EDO) was downgraded to Neutral from Outperform at Credit Suisse following the acquisition by ITT Corporation (NYSE: ITT). Shares were also downgraded to Market Weight from Overweight at Thomas Weisel and to Hold from Buy at B&T Capital.
  
• Goldman downgraded shares of General Motors Corporation (NYSE: GM) to Neutral from Buy to reflect risk to the company's international and the slowing U.S. economy. Further, Goldman believes expectations for a deal over healthcare costs with unions are now priced into the stock.
  
• Wachovia downgraded Cameron International (NYSE: CAM) to Market Perform from Outperform on valuation.
  
• Kaufman Bros. downgraded shares of Getty Images Inc (NYSE: GYI) to Sell from Hold to reflect reduced expectations following the company's announced price reductions.
  
• CIBC downgraded shares of Micrus Endovascular Corporation (NASDAQ: MEND) to Sector Performer from Outperformer following the company's lowered guidance..

OTHER DOWNGRADES:

• BB&T downgraded Champion Enterprises (NYSE: CHB) and Palm Harbor Homes (NASDAQ: PHHM) to Hold from Buy.
  
• Stifel downgraded HCP Inc (NYSE: HCP) and Medical Properties Trust Inc (NYSE: MPW) to Hold from Buy.
  
• Goldman downgraded E-Trade Financial Corporation (NASDAQ: ETFC) to Neutral from Buy.
  
• Kellwood Company (NYSE: KWD) was downgraded to Neutral from Buy at Broadpoint.