Dexter boosts offer for Life Technologies

Maryland Watch

December 08, 1998

Dexter Corp. yesterday raised to $39.125 a share from $37 its unsolicited offer to buy the 48 percent of Rockville-based Life Technologies Inc. it doesn't already own after the specialty chemicals maker failed to get the minimum number of shares required in its earlier bid.

The new offer totals about $447 million, up from $420 million. A committee at Life Technologies rejected Dexter's July bid as inadequate, and Dexter took the offer directly to Life Technologies shareholders last month.

Windsor Locks, Conn.-based Dexter said it wants to buy the rest of Life Technologies to expand in profitable biotechnology products. Life Technologies makes cell nutrients and other compounds that are increasingly in demand by clinical laboratories, hospitals and biotechnology companies.

Dexter dropped its requirement that it gain ownership of at least 80 percent of shares outstanding for the transaction to be effective, and said it will buy all Life Technologies shares submitted at the new offer price until midnight Dec. 22.

Dexter shares rose $1.0625 to close at $30.3125, while Life Technologies shares rose $2, to $39.25.

Pub Date: 12/08/98

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