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Our company has decided to 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 phone face plates 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 plates 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 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 plates facilities and distribution network in north america, the largest in the glassware industry, enable it to provide a high 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. the illustration we placed on the cover of our 2000 annual report depicts the hare and the tortoise in another race; this time it takes place in the 21st century, and again the tortoise is winning. a hare one day ridiculed the short feet and slow pace of the tortoise, who replied, laughing: "though you be swift as the wind, i will beat you in a race." the hare, believing the tortoise''s assertion to be simply impossible, assented to the proposal; and they agreed that the fox should choose the course and fix the goal. on the day appointed for the race, the two started together. the tortoise never for a moment stopped, plates but went on with a slow but steady pace straight to the end of the course. the hare, lying down by the wayside, fell fast asleep. at last waking up, and moving as fast as he could, he saw the tortoise had reached the goal...
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