Kerr Glass sold 550,000 shares to its ESOP.

Los Angeles-based Kerr Glass Manufacturing Corp. sold the shares, which represent about 15.5% of its shares outstanding, to its newly established Employee Incentive Stock Ownership Plan Trust for $10.25 per share, or a total of $5.64 million. Kerr Glass said the move was partly in response to a purchases of 7.6% of Kerr’s shares by Monaco Group Fund S.A., a Panamanian corporation. In filings with the Securities and Exchange Commission, Monaco Group has said it may attempt to take control of Kerr Glass, “a result which the (Kerr Glass) board of directors does not believe is in the best interest of Kerr Glass,” the company said.