The takeover battle for Burlington escalated again.
Dominion Textile and financier Asher B. Edelman increased their hostile bid for Burlington Industries to $77 a share, or $1.82 billion, from $72. The offer tops a $76-a-share buyout proposal from a group led by Morgan Stanley & Co. that was accepted by the directors of Burlington, the nation’s largest textile producer. The revised offer from Edelman, a New York investor, and Montreal-based Dominion, Canada’s leading textile maker, came one day after the pair sent a letter to the Greensboro, N. C.-based firm saying they were prepared to increase their offer above $76 a share. In response to the new bid, Burlington’s common stock closed at $76.75 a share, up 75 cents, in NYSE trading.