Owens-Illinois to redeem all outstanding convertible preferreds

By Devika Patel

Knoxville, Tenn., Feb. 29 - Owens-Illinois, Inc. said it would redeem all of its outstanding convertible preferred stock on March 31.

All 9.05 million preferreds will be redeemed for common stock. Shareholders who choose not to convert prior to March 31 will receive 0.9424 common shares in exchange for each preferred share.

The conversion option will end at the close of business on March 28.

Owens-Illinois is a Perrysburg, Ohio-based manufacturer of recyclable glass containers.

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