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Article: DAMON SUCCUMBS TO NOMAD'S OFFER
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- January 17, 1989
- Author:
CopyrightCopyright (null) The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Damon Corp. of Needham, which operates a network of medical
laboratories, yesterday finally bowed to the aggressive suitor that
has been pursuing the firm for 10 months.
In a deal called "just short of something hostile" by one
analyst yesterday, Damon said it agreed to be acquired by Nomad
Partners L.P., a New York investment firm formed specifically to
buy Damon.
Nomad will pay $257 million, or $26 a share, in cash.
Shareholders also will be entitled to 50 percent of the after-tax
cash proceeds from the sale of Damon's interest in its Damon
Biotech subsidiary, if the sale takes place between now and the
merger consummation date expected in May.
"It was the right thing to do at ...