OTHER NEWS - Aug. 16, 1993
From Times Staff and Wire Reports
Fieldcrest Bids $136 Million for Amoskeag Co.: The bed and bath textiles giant has offered to acquire the investment and management company, its largest shareholder. Wall Street seemed to have reservations about the proposed deal and sold Fieldcrest Cannon Inc. stock down $2.50 Friday to end at $21.50 on the New York Stock Exchange. The stock had traded as low as $19.50 during the session. Analysts said the proposed deal cheapens Fieldcrest’s market value but goes a long way toward blocking a takeover campaign by Springs Industries Inc. For nearly three months, Eden, N.C.-based Fieldcrest has been fending off a takeover attempt by Springs, a leading maker of finished fabrics and home furnishings.
