|
|
Article: DAMON CORP. REJECTS $265 MILLION BID
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- July 6, 1988
- Author:
CopyrightCopyright 1988 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
|
Damon Corp., a Needham company that operates a national
network of clinical laboratories, yesterday rejected a $265 million
offer for the firm.
In a letter to Ballantrae Partners L.P. of New York and
American Magnetics Corp. of Sherman Oaks, Calif., Damon called the
bid inadequate but offered to let the companies look at Damon's
confidential financial books if they sign a standard
confidentiality agreement.
That agreement would include a standstill clause that would
prevent Ballantrae and American Magnetics from buying any more
stock in Damon, conducting a proxy contest or making a tender
offer. They would, however, still be able to negotiate with Damon's
board.
Ballantrae had no ...