Dexter Corp. Delays Annual Meeting To Weigh Possible Sale
WINDSOR LOCKS, CT — Dexter Corp., the target of a hostile takeover battle with International Specialty Products (ISP), postponed its annual meeting from April 27 to June 30 to allow it to hold discussions with other potential buyers. The company said it would present any proposed transaction to shareholders well in advance of the June 30 date. ISP recently increased its offer for Dexter to $50 per share from an earlier $45 bid, and said it would consider a higher offer if Dexter “can demonstrate that the value of the company would justify a higher price.”
Dexter said it has received “several indications of interest” in an acquisition of the company, in addition to inquiries regarding specific business units. Dexter recently announced that it would consider various strategic options, including a merger or sale of the company, a financial restructuring, or a spinoff or sale of one or more of the company’s businesses. Dexter has been the target of a hostile takeover by ISP since late last year.