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BUSINESS
June 11, 1997
Transitional Hospitals Corp. is a target of a Justice Department investigation into possible Medicare fraud involving laboratory tests performed under a partnership between Damon Corp. and a dialysis unit once owned by Transitional, according to a company statement. . . . Florida's $2-billion college tuition prepayment trust fund will divest tobacco holdings from its investment portfolio. The fund holds $12.
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CALIFORNIA | LOCAL
March 4, 1994 | JAMES MAIELLA JR., SPECIAL TO THE TIMES
A Newbury Park clinical laboratory that employs 516 people will be closing its doors by September in a company consolidation that Thousand Oaks officials say should have only a limited effect on the local economy. Nathan Headley, president and chief executive of Physicians Clinical Laboratory Inc., announced this week the slated closure of the Damon Corp. facility as part of his company's recent $51-million acquisition of Damon.
BUSINESS
August 23, 1988 | JAMES BATES, Times Staff Writer
Among other things, Damon Corp. is the nation's largest builder of model rockets and one of the country's largest kite makers. But on Wall Street, Damon is anything but a high-flier. The stock of the company, based in Needham Heights, Mass., has long been a laggard, reflecting its record of weak profits and big losses. One week ago, shares of Damon, whose main business is operating the nation's fifth-largest medical laboratory chain, were trading at about $19 a share.
CALIFORNIA | LOCAL
March 4, 1994 | JAMES MAIELLA JR., SPECIAL TO THE TIMES
A Newbury Park clinical laboratory that employs 516 people will be closing its doors by September in a company consolidation that Thousand Oaks officials say should have only a limited effect on the local economy. Nathan Headley, president and chief executive of Physicians Clinical Laboratory Inc., announced this week the slated closure of the Damon Corp. facility as part of his company's recent $51-million acquisition of Damon.
BUSINESS
June 22, 1993 | PRADNYA JOSHI, TIMES STAFF WRITER
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.
BUSINESS
July 8, 1993 | From Times Staff and Wire Reports
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.
BUSINESS
June 29, 1993 | PRADNYA JOSHI, TIMES STAFF WRITER
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.
BUSINESS
June 24, 1993 | From Times Staff and Wire Reports
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.
BUSINESS
June 22, 1993 | PRADNYA JOSHI, TIMES STAFF WRITER
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.
BUSINESS
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.
BUSINESS
January 17, 1989 | JAMES F. PELTZ, Times Staff Writer
Damon Corp. on Monday accepted a $223-million takeover offer from a group led by American Magnetics Corp. in Sherman Oaks, apparently ending Damon's seven-month battle to remain independent. However, the companies' agreement also allows Damon, a Needham Heights, Mass.-based operator of clinical laboratories, to solicit other offers for 30 days. The American Magnetics group, called Nomad Partners, also includes Ballantrae Partners, an investment partnership led by Robert L. Rosen and Glen M.
BUSINESS
January 16, 1989 | From Times staff and wire service reports
Damon Corp. ended its seven-month struggle for independence today, agreeing to merge with Nomad Partners L. P. in a deal valuing the chemical laboratory company at $254.8 million. Under the agreement, Damon's shareholders will receive $26 a share in cash and 50% of any after-tax cash proceeds from the sale of Damon's 61% stake in its biotechnology unit, Damon Biotech Inc.
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