Burlington Industries selects WL Ross $608 million bid to open auction on July 28
Burlington Industries
Inc. has announced an agreement with WL Ross &
Co. LLC by which Ross' $608 million acquisition proposal has been designated the best of several bids received in connection with the sale
process approved last May by the court in its reorganization proceedings.
The agreement contemplates the sale of Burlington to WL Ross & Co., with a concurrent sale of Burlington's Lees carpet business to Mohawk Industries Inc. The court-approved sale process contemplates that other qualified bidders will have the opportunity to top the Ross proposal at an auction expected to be held on July 28.