Forstmann Little & Co. said it has...

Forstmann Little & Co. said it has decided against making a buyout offer for glass maker AFG Industries Inc. The investment partnership had indicated that it would top a $940-million buyout bid for AFG but said it decided against the offer based on a review of AFG’s internal records and its own “adherence to strict acquisition criteria.” It declined to elaborate. The announcement sent AFG’s stock sharply lower in trading on the New York Stock Exchange. AFG fell $5 a share to $31.625. Clarity Industries Corp., a group led by AFG’s founder and chairman, R. D. Hubbard, said from AFG’s headquarters in Irvine that it intended to proceed with its earlier offer to take AFG private in a buyout valued at $33 a share.