Articles > Popular publications > The Boston Globe (Boston, MA) news wires > October 1988

Article: DAMON URGED TO SPIN OFF BIOTECH FIRM

Article from:
The Boston Globe (Boston, MA)
Article date:
October 11, 1988
Copyright

The pursuers of Damon Corp. proposed yesterday that the Needham medical testing company immediately spin off its biotechnology company and distribute the stock to its shareholders.

Damon, seeking to avoid a hostile takeover, had said earlier it plans to spin off its 61 percent interest in its Damon Biotech unit to shareholders, but not before next Jan. 20. In a letter to Damon, Nomad Partners L.P. urged Damon to make the move immediately. Nomad also said it would provide additional financial support to Damon Biotech.

Nomad says it controls about 54 percent of Damon's shares through a $24-a-share tender offer, but has been thwarted by Damon's defensive measures. Each side has sued ...

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