TOLEDO, Ohio — The private investment firm Kohlberg Kravis Roberts & Co. boosted its takeover offer for Owens-Illinois Inc. to $3.6 billion Monday after its previous $3.34-billion bid was rejected.
Saying it was disappointed that Owens-Illinois had rejected the first proposal without negotiations or meetings with the investment firm, KKR said it was offering $60 per share, up $5 a share from the first offer.
New York-based Kohlberg Kravis, which specializes in leveraged buyouts, initially offered $48.50 in cash and a junior security with a market value of $6.50 for each of Owens-Illinois' 60.8 million common shares outstanding.
The second offer totals $48.50 per share in cash and a junior security with a market value of $11.50.
In rejecting the earlier bid, made Dec. 11, Owens-Illinois said it was not in the best interests of the company and its stockholders.