24 June 1999: US-based Oneida Ltd., the world“s largest stainless steel and silver-plated flatware maker, said it received a sweetened takeover bid from glassware manufacturer Libbey Inc., and that i…
24 June 1999: US-based Oneida Ltd., the world“s largest stainless steel and silver-plated flatware maker, said it received a sweetened takeover bid from glassware manufacturer Libbey Inc., and that it will review the unsolicited proposal. Earlier in the day, Libbey said it raised its offer to buy Oneida by 25% to US$ 625.5 million after the company rejected its earlier unsolicited offer. Oneida has said it would rather stay independent and in April spurned Libbey“s previous US$ 30-a-share bid. The latest offer is US$ 37.50 per share. Oneida officials were not immediately available to provide further comment on Libbey“s higher offer. Meanwhile, shares of Oneida shot up 7-1/16 on the New York Stock Exchange to 32-9/16 after the announcement. Earlier in the trading session, the stock surged to a fresh one-year high of 33, above its previous high of 30-5/8. Last April, Oneida said it rejected Libbey“s proposal to buy it for US$ 30 per share in cash after meeting with financial advisors and carefully considering the matter (see GlassOnline reports of 6, 13 May 1999).