AFG Industries agreed to let Forstmann Little...

AFG Industries agreed to let Forstmann Little inspect its books, according to an agreement that the Irvine glass manufacturer filed with the Securities and Exchange Commission. The agreement allows Forstmann Little, a New York firm specializing in leveraged buyouts, to gain access to non-public information that should help in determining an acquisition price for AFG. Forstmann Little also agreed not to attempt a hostile takeover of AFG for one year. Forstmann Little announced last week that it would pay in excess of $33 a share for AFG in an all-cash transaction, provided that it could fully review the company’s financial condition. The bid was prompted by an AFG management group’s earlier proposal to take the company private in a $33-a-share tender offer valued at $833 million.