Burlington Industries won a round in court.
- Share via
In Greensboro, N.C., U.S. District Judge Eugene Gordon temporarily blocked an investor group from pursuing its $1.82-billion hostile bid to acquire the textile giant, ruling that “Burlington has shown a likelihood that it will be able to prove that Samjens utilized inside information received from (James) Ammeen in connection with Samjens’ tender offer.” Samjens is an investor group led by New York financier Asher B. Edelman and Dominion Textile of Canada. Burlington charged that Ammeen, a former Burlington executive, had released confidential information to Paine Webber Inc. and the investor group, prompting the hostile takeover bid.
More to Read
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.