Printer Friendly

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.
COPYRIGHT 1989 Business Journals, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1989 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Vitro S.A.
Publication:Modern Brewery Age
Date:Sep 25, 1989
Words:172
Previous Article:A-B to offer new investment program.
Next Article:Miller to sponsor int'l Goodwill Games.
Topics:


Related Articles
Anchor Glass bid made.
Anchor Glass's board rejects Vitro's offer.
Anchor Glass, the big U.S. bottle maker, plans public offering.
Vitro Packaging, Inc.
A new footing: Vitro refocuses on its strength--making glass--and bets on growth abroad.
Vitro Packaging, Inc.
Vitro Packaging, Inc.
Vitro Packaging, Inc.
AVAYA IP TELEPHONY SOLUTION IMPROVES VITRO COMMUNICATIONS.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters