Dexter Weighs Options As ISP Halts Discussions; Proxy Contest Still Possible
WAYNE, NJ — International Specialty Products (ISP) announced that it has terminated its acquisition discussions with Dexter Corp., but will continue a proxy contest “so that Dexter shareholders can decide for themselves how to best realize shareholder values.”
Dexter Chairman and CEO K. Grahame Walker said the announcement came as a “total surprise,” and he issued a sharply worded response to ISP chairman Samuel J. Heyman regarding Heyman’s assertion that Dexter representatives refused to meet with ISP to discuss a possible transaction agreement. Heyman also accused Dexter’s management of failing to “provide shareholders with a creditable alternative to our proposals for the company.”