ANAHEIM, CA — The largest shareholder in flex circuit maker Multi-Fineline Electronix has turned down an offer by a rival to purchase the company.
 
WBL Corp. Ltd., M-Flex's biggest stockholder, voted not to accept shares in MFS Technology as part of an offer MFS made for M-Flex.
 
WBL shareholder approval was a pre-condition of the deal.
 
An M-Flex special committee had withdrawn its recommendation for the offer last August.