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FIELDCREST CANNON SHAREHOLDERS DROP ATTEMPT TO BLOCK AMOSKEAG ACQUISITION

 NEW YORK, Sept. 30 /PRNewswire/ -- Shareholders who sued Fieldcrest Cannon, Inc. (NYSE: FLD), in Delaware Chancery Court over the company's proposed acquisition of Amoskeag Company (NASDAQ-NMS: AMOS) have dropped their attempt to block the acquisition, said Fieldcrest today.
 Fieldcrest referred to a letter from shareholders' lawyers to Vice Chancellor Carolyn Berger of the Delaware Chancery Court, in which they said: "The plaintiffs believe that they will be unable to satisfy the court that the injury suffered by Fieldcrest and its public shareholders is irreparable. Accordingly, plaintiffs hereby withdraw their application for a preliminary injunction."
 The withdrawal of the application for a preliminary injunction is Fieldcrest's second legal victory relating to the Amoskeag acquisition. Previously, Fieldcrest Cannon confirmed the dismissal and expiration of the appeal period of a shareholder suit brought against the company and Chairman and Chief Executive Officer James M. Fitzgibbons by the Amalgamated Clothing and Textile Workers Union, which challenged the validity of the election of the Fieldcrest board of directors.
 Fieldcrest Cannon, Inc., manufactures and markets bed and bath products under the Fieldcrest, St. Marys, Cannon Royal Family, Cannon Monticello and private brand labels.
 -0- 9/30/93
 /CONTACT: Paul Verbinnen or Anna Cordasco of Sard Verbinnen & Co., 212-687-8080/
 (FLD AMOS)


CO: Fieldcrest Cannon, Inc.; Amoskeag Company ST: New York IN: TEX SU: TNM

SH-TW -- NY055 -- 7279 09/30/93 12:26 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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