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Our company has decided to wholesale candle supplies move its acquisition efforts in other directions at this time, while continuing to pursue its agenda for internal growth. the company is terminating its efforts to purchase for $37.50 per share. this proposal was made to the board of directors on june 15, 1999. the proposed acquisition price represented a premium of 133 percent over the average price for shares for the 90-day period prior to the april 27, 1999, disclosure of ''s initial offer to purchase the company. "we remain convinced that the proposed combination would be in the best interest of building the businesses, improving the opportunities for its employees, customers and suppliers over the long term and maximizing value for its shareholders. however, it is evident that ''s entrenched management is intent on remaining a stand-alone company, regardless supplies of the implications for its shareholders and employees." commenting on ''s growth agenda, meier stated, " is committed to strengthening its presence in its core markets. the company designs, manufactures and markets under our well-recognized brand name an extensive line of high-quality, machine-made glass tableware. our company maintains over 2,000 stock-keeping units in one of the most extensive product portfolios in the north american glass tableware industry. its glassware manufacturing facilities and distribution network in north america, the largest in the glassware industry, candle supplies enable it to provide a high supplies level of service to all its end users for glass tableware. in addition, the company is a joint venture partner with the largest glass tableware manufacturer in mexico. we provide distinctive products at a competitive cost structure. at our company, we think we are like the tortoise: sound, stable and focused on the goal. with our partner, we intend to expand our glass tableware market share in mexico and candle throughout central and south america. the joint venture represents another milestone in our plan to be a more important glass tableware supplier on a global scale. our company was the first company here in toledo, dating its origins here to 1888. supplies the company operates glass tableware manufacturing plants in nationwide candle and is a joint venture partner in the largest glass tableware company in mexico. through its china subsidiary, the company designs, manufactures and distributes an extensive supplies line of high-quality ceramic dinnerware, principally for the foodservice industry in the united states.
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