
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, July 28, 1993                   TAG: 9307280081
SECTION: BUSINESS                    PAGE: B4   EDITION: METRO 
SOURCE: MARK FOLK LANDMARK NEWS SERVICE
DATELINE:                                 LENGTH: Medium

FIELDCREST SALE THOUGHT TO BE NEAR

The fate of Fieldcrest Cannon Inc. soon will be decided, with one report saying its directors are considering buyout offers.

The bidding process for the Eden, N.C.-based textile maker with a towel mill in Henry County ended Friday. Officials from the Dumaines Trust, which controls Fieldcrest, are expected to make a decision any day, perhaps as early as today.

In its Tuesday editions, The State newspaper of Columbia, S.C., reported that a deal to sell Fieldcrest and Amoskeag, a Boston-based railroad and real estate company that owns 81 per cent of Fieldcrest, could be struck this week in New York, where the Fieldcrest board is thought to be assembled.

Several industry analysts either declined to talk about Fieldcrest or did not return phone calls.

Analysts identified the bidders as Fort Mill, S.C.-based Springs Industries; Apollo Advisors, a New York investment firm; and a Fieldcrest Cannon management-led buyout team.

Late last week, Apollo met with officials from the Amalgamated Clothing and Textile Workers Union in New York. The two groups talked about job security, a new contract and the union drive at Fieldcrest plants.

Union officials declined to comment about the meeting, the first between the union and a bidder. Tuesday, however, the union said it thinks a deal may be struck by today.

Apollo is led by Leon Black, top deal-maker at the former Drexel Burnham Lambert investment firm in New York. It reportedly has offered cash for Fieldcrest and Amoskeag. Dumaines, a New Hampshire-based holding company, controls Amoskeag.

Springs started the bidding in late May with a $330 million offer for Fieldcrest and $120 million for Amoskeag. That bid was rejected by Dumaines, but analysts say Springs is still in the running.

Fieldcrest management is believed to be trying to buy the company's Class B shares from Amoskeag. This assumption is fueled by the cash infusion of $120 million Fieldcrest is getting when Mohawk Industries closes its purchase of Fieldcrest's carpet and rug division.

Associated Press contributed to this story.

by CNB