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.