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BRIEFLY

A new takeover effort was launched on Burlington.

May 07, 1987

Dominion Textile Inc. and New York financier Asher B. Edelman launched the $1.62-billion tender offer for Burlington Industries after Burlington threatened to use the "Pac Man defense" of buying Dominion first. The Edelman-Dominion group, which already owns 11.6% of Burlington's 27.3 million common shares outstanding, announced the $67-a-share bid for the remaining stock after Burlington indicated that it strongly opposed the group's earlier offer of $60 a share. Burlington, based in Greensboro, N.C., and the nation's largest textile maker, has not commented publicly on the offers themselves but has filed two lawsuits challenging the group's tactics.

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