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Vitro extends bid offer for Anchor Glass.

Vitro extends bid offer for Anchor Glass

For the second time in two weeks, the Mexican owned, glass-making giant Vitro S.A. kept up the pressure on Anchor Glass Container Corp. by again extending its tendered bid offer until late last week, Vitro announced. Vitro, which owns 1.4 million of Anchor's 13.9 million shares of outstanding stock, said it has already tendered 4.8 million shares, (see MBA Tab, August 28, 1989).

As it did when Vitro made its original takeover push last month, the Anchor Corp.'s board advised its stockholders to reject the Monterrey, Mexico-based company's offer because Anchor had been talking to several other companies about a possible "transaction."

If Vitro does eventually take control of the ailing American company, it will still face a tremendous turnaround job as Anchor lost $10.3 million in the second quarter of 1989 and faces continued competition from the plastic container industry.

"We think we can improve the product by modernizing the plant," said Federico Sada, president, Vitro's container division.
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Title Annotation:Vitro S.A.
Publication:Modern Brewery Age
Date:Sep 25, 1989
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