P.M. BRIEFING : Glass Company Stock Jumps on Bid
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NEW YORK — Mexico’s Vitro S.A. made an unsolicited $280-million cash bid for Anchor Glass Container Corp. of Tampa, Fla., today, pushing the American company’s stock sharply higher on the New York Stock Exchange.
Analysts said the bid is unlikely to meet with opposition from other big U.S. glass companies.
The $20-a-share offer launched by Vitro’s indirect subsidiary, THR Corp., expires at midnight Sept. 7.
Analysts said the ailing Anchor has been the subject of takeover speculation for some time. The company lost $8.5 million in 1988 and reported a shortfall of $14.4 million for the first half of 1989.
The open of NYSE trading in Anchor was delayed, but the stock jumped $7.375 to $19.625 a share after trading commenced in the early afternoon.
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