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SPRINGS INDUSTRIES CONFIRMS PROPOSALS MADE TO FIELDCREST CANNON AND AMOSKEAG COMPANY

 FORT MILL, S.C., May 27 /PRNewswire/ -- Springs Industries, Inc. (NYSE: SMI) confirmed today that it has made proposals to both Fieldcrest Cannon, Inc. (NYSE: FLD) and its controlling shareholder, Amoskeag Company (NASDAQ-NMS: AMOS), to acquire all of the outstanding stock of both companies for a combination of cash and Springs Class A Common Stock.
 The proposals contemplate that one third of the outstanding shares of each company would be acquired for cash. Springs confirmed that the cash price would be $27.50 per Fieldcrest Cannon share and $35.00 per Amoskeag share. The balance of the outstanding shares of both companies would be acquired with Springs Class A Common Stock. The exchange ratio for shares exchanged for Springs stock would be determined by dividing the cash price of $27.50 in the case of Fieldcrest Cannon shares and $35.00 in the case of Amoskeag shares by the average closing price of Springs stock for the 30 days immediately preceding the closings of the respective transactions provided the price of Springs stock is not less than $44.00 per share and no more than $50.00 per share.
 Both proposals are subject to completion of due diligence, negotiation and execution of definitive agreements, necessary shareholder approvals, and resolution of any regulatory issues. Springs reported that it believes that any regulatory issues can be resolved.
 A spokesman for Springs said, "We look forward to discussing details with the boards of both companies as they make their evaluations."
 -0- 5/27/93
 /CONTACT: Robert E. Slough, Director of Public Relations, Springs Industries, Inc., 803-547-3738, or (Home) 803-366-6646/
 (SMI FLD AMOS)


CO: Springs Industries, Inc.; Fieldcrest Cannon, Inc.; Amoskeag Company ST: South Carolina, North Carolina IN: TEX SU: TNM

MM-SB -- CH003 -- 2928 05/27/93 11:54 EDT
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Publication:PR Newswire
Date:May 27, 1993
Words:296
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