Owens-Illinois Inc.'s tender offer for $48.2 million of its 12.25% notes roused $316.7 million of noteholder interest, a company spokesman said Friday.

But even the $48.2 million principal amount offer for the senior subordinated notes due 1996 hinges on whether the underwriter of the company's recent 60 million share initial public offering elects to exercise a green shoe, or an underwriting agreement clause authorizing the syndicate to sell additional shares, said John Hoff, an Owens-Illinois spokesman.

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