July 8, 1993 |
Corning Begins Tender Offer for Damon: The deal, valued at about $575 million, covers all outstanding common shares of health care laboratory company Damon Corp. Damon said a week ago that Corning's proposal to acquire it for $23 a share was superior to a previously announced $16-a-share agreement with National Health Laboratories Inc. La Jolla-based National Health said Wednesday that it dropped its bid. Damon shares closed at $22.625 on the New York Stock Exchange, up 12.5 cents.
June 29, 1993 |
Vying for market share in the clinical laboratories industry--where bigger is considered better--No. 2-ranked Corning Inc. on Monday dramatically outbid No. 3-ranked National Health Laboratories for a Massachusetts-based competitor. Corning offered more than $370 million, or $23 a share, to acquire Damon Corp., besting National Health's $16-a-share offer last week by 44%. The news sent Damon stock soaring $5.875 to close at $22.625 on the New York Stock Exchange.
June 24, 1993 |
National Health Bid for Damon Meets Resistance: A deal by La Jolla-based National Health Laboratories to buy the Damon Corp. clinical-testing company may unravel in part because of resistance from a major Damon institutional shareholder, who said National Health's $16-a-share offer is too low. The state of Wisconsin Investment Board, which holds 9.6% of Damon stock, calculates that the stock is worth at least $20 a share, said John Nelson, the pension fund's investment director.
June 22, 1993 |
La Jolla-based National Health Laboratories said Monday that it has reached agreement to buy a smaller Massachusetts-based medical testing company in a $257-million deal that would create the nation's second-largest medical laboratories firm. The acquisition of Damon Corp. of Needham Heights, Mass., would also allow National Health to cut costs and strengthen its position in a medical testing industry that is rapidly consolidating, analysts said.
April 17, 1990
Damon Group Inc., which recently changed its name from American Magnetics Corp., said it agreed to sell its electronic products business to the U.S. subsidiary of a European company, System 4 International B.V., for $12 million. The sale completes the transformation of the Sherman Oaks company from an electronics concern making card readers, like those used to operate bank teller machines, to a medical testing lab business.