EDELMAN GROUP CUTS BURLINGTON <BUR> STAKE
New York investor Asher Edelman and
Dominion Textile Inc <DTX.T>, who are currently seeking to
acquire Burlington Industries Inc in a hostile tender offer,
said they lowered their stake in the company.
    In a filing with the Secruties and Exchange Commission, the
Edelman/Dominion group, known as Samjens Acqusition Corp, said
it sold options to buy 258,800 Burlington common shares,
reducing its stake in the company to 3,408,813 shares, or 12.33
pct, from 3,667,313 shares, or 13.3 pct.
    The group said the sale, which represented all the
Burlington options it owned, was made May 28 for 8.7 mln dlrs.
    The Edelman/Dominion group last week sweetened its hostile
tender offer to 77 dlrs a share, after Burlington agreed to a
leveraged buyout by a Morgan Stanley and Co-backed group for 76
dlrs a share.
    But the Edelman/Dominion group, which has litigation
pending against Burlington, also said it has held talks with
Morgan Stanley about "the possibility of settlement of
outstanding matters among" it, Morgan Stanley and Burlington.
 Reuter
