JACOBS SELLS STAKE IN GILLETTE <GS>
Minneapolis investor Irwin Jacobs said he
sold the stake he held in Gillette Co <GS> after deciding that
he could not force Gillette to accept a 47 dlr a share takeover
bid made by Revlon Group Inc <REV>.
    Revlon's bid expired last week after being repeatedly
rejected by Gillette. Jacobs had earlier considered waging a
proxy fight over Gillette.
    Jacobs told Reuters he sold the Gillette stake, which he
called "substantial" but under five pct, a few weeks ago over a
period of several days. He said he sold the stock at a profit,
but did not disclose the selling price.
    Gillette's stock was at 24-1/8, up 1/8, in morning trade,
off the high of 45-7/8 reached after Revlon announced its bid.
    Jacobs said he sold his Gillette stake based on an
"investment decision. I surely did not see this happening," he
said of Monday's stock market free-fall.
    A Gillette spokesman said the mpany had no comment.
    Jacobs said he and fellow investor Carl Pohlad continue to
hold a stake in Allegheny International Inc <AG>. In August
they disclosed in a Securities and Exchange Commission filing
that they had acquired 854,900 shares, or 7.9 pct, of Allegheny
and would consideer seeking control of the company.
 Reuter
