Burlington Industries spurned a takeover bid.
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.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
