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Clarity Extends Offer to Purchase AFG Industries’ Common Stock

By MARIA L. La GANGA
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Clarity Industries has extended for the third time in three weeks its tender offer to purchase all of AFG Industries’ common stock. The $33-per-share cash offer for the glass-making giant’s stock was set to expire Monday at 5 p.m. (EDT).

The deadline has been extended until 5 p.m. (EDT) today because of “logistical difficulties in arranging for execution of documents and delivery of funds in connection with the financing over the holiday weekend,” according to a prepared statement. The first two deadline extensions were to accommodate the inquiries of a potential AFG suitor and to complete paper work.

In an additional prepared statement, Clarity also announced that, as of close of business on Friday, an estimated 14.8 million shares had been tendered--just over 50% of the estimated 28.5 million shares outstanding.

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Clarity was formed by AFG Chairman R.D. Hubbard to take the glass maker private.

According to the deal, 75% of the outstanding shares must be tendered for Hubbard to take AFG private. The Clarity statement did not indicate whether insider shares--including Hubbard’s 13% to 18% of the company--had been tendered to date.

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Maria L. La Ganga

Maria L. La Ganga is the deputy managing editor for California and Metro, overseeing the Los Angeles Times’ largest editorial department. She joined The Times in 1981 as an academic intern, splitting her time between the former Metro section and National Dragster, the official publication of the National Hot Rod Assn. She has served as Seattle bureau chief, San Francisco bureau chief, edited in the Business section and pitched in on six presidential elections, five for The Times and one for the Guardian. La Ganga left The Times in 2015 and returned in 2018 after a brief hiatus during which she wrote for the Guardian and the Idaho Statesman. She was named city editor in 2022 and promoted to her current role in 2024. La Ganga graduated from Granada Hills High School in the San Fernando Valley and Cal State Northridge, where she studied English literature and journalism.

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