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Anchor Glass's board rejects Vitro's offer.

Anchor Glass's Board rejects Vitro's offer

The Anchor Glass Container Corp. announced that it has unanimously rejected a $251.4 million bid by Vitro S.A., a Mexican company attempting to gain control of the 89-percent stake it does not already own.

In urging shareholders not to sell-out to Vitro, Anchor Glass adopted an emergency takeover plan to block the Mexican company's buy-out scheme. Anchor added that its board is considering various options including a restructuring of the company or sale of company assets.

However, believing that its offer was "full and fair," Vitro reported it plans to ask a Delaware Chancery Court to invalidate Anchor's anti-takeover measures to allow its bid to proceed.
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Publication:Modern Brewery Age
Date:Aug 28, 1989
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