Group raises its stake in target It refuses to sell Life Technologies to Dexter in takeover

Chemicals

December 25, 1998|By BLOOMBERG NEWS

WASHINGTON -- An investment group that includes Samuel Heyman raised its stake in Life Technologies Inc., a specialty chemical maker that's been a takeover target of Dexter Corp.

Heyman, chief executive of International Specialty Products Inc. of Wayne, N.J., and his affiliates raised their stake in Life Technologies to 26.2 percent from 20.42 percent of common TTC shares, according to a regulatory filing.

The investors had previously refused to sell their Life Technologies shares under tender offer by specialty-chemical maker Dexter, saying the price was too low.

Windsor Locks, Conn.-based Dexter said it completed a $39.125-a-share offer for Life Technologies shares, raising its stake in the company to 71 percent.

Dexter wants to buy Rockville-based Life Technologies as part of its shift to focus on high-profit specialty chemicals like those used in biotechnology.

Heyman and others in the investor group most recently spent $53.9 million to buy 1.37 million Life Technologies shares, according to a filing with the U.S. Securities and Exchange Commission. That works out to about $39.27 a share. Heyman and his affiliates hold 6.23 million Life Technologies shares, the filing said.

The investment group includes International Specialty, Bear Stearns & Co. Inc., ISP Opco Holdings Inc. and ISP Investments Inc.

Life Technologies shares were unchanged yesterday at $39.25. The shares are up more than 18 percent this year.

Pub Date: 12/25/98

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