Advertisement

BRIEFLY

Burlington Industries spurned a takeover bid.

May 13, 1987

The Greensboro, N.C.-based company said it will buy back at least 29% of its stock at $80 per share, or $640 million. An investor group led by Asher B. Edelman proposed a $67-per-share takeover. Burlington, the nation's biggest textile concern, said the stock buyback would be in the form of a cash tender offer for 8 million of its 27.3 million total common shares outstanding. The investor group criticized Burlington's plan to buy back stock as "coercive and unfair" to Burlington's stockholders.

Advertisement
Los Angeles Times Articles
|
|
|