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.