Heyman said that at Dexter's annual meeting in April, ISP will seek to expand the size of Dexter's board from 10 to 17 members, and also will propose the removal of Dexter's "poison pill" defense against a hostile takeover. ISP also has filed suit in federal court in Connecticut to invalidate the poison-pill defense.
In a sharply worded reply to Heyman, Dexter Corp. CEO K. Grahame Walker said Dexter will waive its "poison pill" takeover defense and allow ISP to review its financial records. But Walker asked ISP to indicate it has the financing for its proposed acquisition of Dexter.
Walker also took a swipe at Heyman's management of ISP, saying it was "incredulous that you have apparently launched a campaign that deflects the focus from concentrating on improving your own poor results."
Dexter, meanwhile, has proposed the acquisition of the 28.5% of Life Technologies Inc. that it does not currently own for $49 per share. ISP's Heyman has said Life Technologies, a life-sciences business, would perform better if separated from Dexter. ISP currently owns approximately 10% of Dexter shares and about 14% of Life Technologies shares.