Vitro Offers $280 Million for Anchor Glass Corp.
Vitro S.A., Mexico’s largest glass company, announced a bid Wednesday of $20 a share, or about $280 million, for Anchor Glass Container Corp. of Tampa, Fla.
Anchor’s stock quickly jumped $7.50, or 61.2%, to $19.75 a share on the New York Stock Exchange, where it was the most active issue, with more than a third of its outstanding shares changing hands.
Vitro said that if it succeeds in its bid, it would shut down at least three manufacturing plants and replace Anchor’s top management. It would also acquire privately held Latchford Glass Co. in Huntington Park for an undisclosed price, the company said.
Analysts said the unsolicited offer from Vitro is likely to succeed because the price is generous and there are no other likely bidders.
“I don’t think anybody else is going to pay as much money for the company,” said analyst H. Edward Schollmeyer at Paine Webber Group.
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