Glassware maker Libbey Inc., said it would drop its US$625m unsolicited bid to buy cutlery leader Oneida Ltd, after its advances were repeatedly rejected. Instead, Toledo, Ohio-based Libbey said it plans to pursue other acquisition opportuntites, as well as expand through internal growth. Oneida, the world's largest maker of stainless steel and silver-plated flatware, rejected Libbey's sweetened bid of US$37.50/share. "We are disappointed by Oneida's response; however, other acquisition opportunities for growth consistent with our plan are clearly available, and we will pursue them," Libbey chairman and chief executive J F Meier said. With Oneida, Libbey would have gained a new product offering, strengthening its strategic position in the retail and food services industries. But analysts said Libbey may still find other acquisition tagets.
