Suits seek to block bid for Life Technologies

Maryland Watch

July 10, 1998

Several shareholders in Rockville-based Life Technologies Inc. filed suit yesterday in an effort to block Dexter Corp.'s $37-a-share bid to purchase the 48 percent of Life Technologies that it doesn't already own.

The suits, filed in Delaware Chancery Court in Wilmington, say the offer that Dexter made Tuesday -- 19 percent more than Life Technologies' closing price that day of $31 -- is too low.

On news of the proposed deal, Life Technologies stock surged above Dexter's offer Wednesday, closing at $38.50. The shares were unchanged yesterday on the Nasdaq stock market.

Officials at Connecticut-based Dexter and at Life Technologies, which manufactures biomedical products, declined to comment on the suits.

Three independent members of Life Technologies' board are hiring legal and financial advisers to determine whether Dexter's offer is fair.

"The lawsuits say Dexter's offer was grossly inadequate, and that seems to be a bit ridiculous," said Kevin I. Berg, an analyst at Oscar Gruss & Son Inc.

"They're basically suing to make the stock price go higher."

Pub Date: 7/10/98

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