Dexter Corp. Board Authorizes Review of ‘All Strategic Options’
Dexter has authorized the company’s management and its financial advisor, Lehman Brothers, to explore “all strategic options” to “maximize shareholder value in the short term.”
WINDSOR LOCKS, CT — Dexter Corp.’s board of directors has authorized the company’s management and its financial advisor, Lehman Brothers, to explore “all strategic options” to “maximize shareholder value in the short term.” Dexter, which said it has not made a decision to sell the company, has been the target of a hostile takeover bid by International Specialty Products (ISP) since late last year.
Dexter Chairman and CEO K. Grahame Walker said the company has decided to explore “all of the company’s available options” partly as a result of ISP’s ownership of a “blocking position” in Life Technologies Inc. that prevents Dexter from increasing its majority ownership of Life Technologies to 100%.