Libbey Raises Its Bid for Rival Oneida

Libbey Inc., North America’s largest producer of glassware, raised its bid for rival Oneida Ltd. to about $626 million in cash after Oneida rejected two previous offers. Toledo, Ohio-based Libbey’s proposal of $37.50 a share is a 47% premium to Oneida’s Tuesday closing price of $25.50 and 25% above its previous offer. Oneida, the world’s largest maker of silverware, said its board will review the bid. Oneida has said a purchase by Libbey would face regulatory obstacles and that it has concerns about a suit filed by Libbey in August to exclude Oneida from the food-service glassware business. On the New York Stock Exchange, Oneida, N.Y.-based Oneida’s shares jumped $5.88, or 23%, to close at $31.38, and Libbey fell 75 cents to close at $32.94.