Burlington Will Go Private
Associated Press
RALEIGH, N.C. —
Burlington Industries Inc. said today that it agreed to go private in a $2.4-billion leveraged buyout aimed at saving Burlington from a hostile takeover by a Canadian company.
Burlington, the nation’s largest manufacturer of textiles, said the investment banking firm Morgan Stanley & Co. in New York is leading a group of investors that agreed to purchase the company. However, Burlington would continue to be managed by its current top officers.
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