Adams-Millis Corp. has decided to terminate a...

Adams-Millis Corp. has decided to terminate a $77.6-million takeover bid by its chairman in favor of a higher offer from Chicago-based Sara Lee Corp. that values the hosiery maker at about $80 million. The Sara Lee offer proposes a stock-swap transaction and would also assume $40 million in Adams-Millis debt. Adams-Millis Chairman James Millis Sr. and members of his family, who own 34% of High Point, N.C.-based Adams-Millis stock, agreed to terminate his takeover agreement and to vote in favor of the Sara Lee deal, the company said.