Court Deals Setback to ISP's Plan to Pursue Dexter Acquisition
WINDSOR LOCKS, CT – A federal court in Connecticut has ruled that International Specialty Products Inc. (ISP) cannot legally seek to increase the size of Dexter Corp.’s board of directors as part of a plan to pursue an acquisition of Dexter. The court said ISP’s proposal was illegal under Dexter’s certificate of incorporation and under Connecticut law.
Dexter had sought court action as part of its defense against ISP’s hostile takeover bid, launched late last year. Dexter said ISP was seeking to expand Dexter’s board so it could elect a majority of directors who favored ISP’s takeover plan.